A living trust is an arrangement where one person is appointed as a trustee.  Once appointed, the trustee holds legal title to property that is to be owned by another person, known as a beneficiary.  Living trusts are a type of simple will that people can create while they are still living.

People often create living trusts to avoid probate, lessen estate taxes and also to set up long-term property management for their valuables and assets.  By taking the time to create a living trust, people can avoid having the need for probate and the paying of probate fees.

Generally, there are two popular types of living trusts.  The first is a basic living trust for an individual or a couple that avoids probate.  The second is an AB trust for a couple that avoids probate and saves money on estate taxes.

To learn more about living trusts, contact Claery & Green and speak with a Los Angeles family law attorney today!

In the legal community, a power of attorney is essentially a binding document that allows an individual to appoint another person or organization to handle his or her affairs in the event that the individual cannot.  The person appointed is called an "Agent" or an "Attorney-in-Fact".  There are four types of Power of Attorney:

Special Power of Attorney - authorizes an Agent to act on an individual's behalf in specific situations.

General Power of Attorney - authorizes an Agent to act on an individual's behalf in a variety of situations.

Health Care Power of Attorney - authorizes an Agent to act on an individual's behalf to make health decisions if the individual is too ill to do so.

Durable Power of Attorney - by adding specific text to the document, the general, special and health care powers of attorney are made "durable", which means that the document will take effect if the individual becomes ill, mentally incompetent or incapacitated.

If you have additional questions about Power of Attorney or estate planning, contact a Los Angeles family law attorney today!

Creating a simple will is one way in which people can make sure that their close loved ones remain protected and financially secure in the event of their passing.   It also allows people to make binding decisions about their estates prior to their deaths.  If you are thinking about drafting a simple will, follow these tips:

§  Consider who you will want to serve as your executor.

§  Consider the future of your dependents and if you have young children try to decide who would be designated as their guardian.

§  Consider which assets, gifts and/or property you would like to give to each loved one.

§  Consider your funeral arrangements and how you would like things carried out following your death.

§  Consider updating your will when necessary as circumstances may change.

§  Consider hiring a family law attorney that has experience in estate planning.

The final tip is perhaps one of the most important as a simple will is a legally binding document.  As with all legal matters, it is important that you have a lawyer who can ensure your will upholds in court and that your wishes are carried out. 

Ready to create your simple will?  If so, contact Claery & Green and schedule a consultation with a Los Angeles family lawyer.

Recently, news sources reported that Francis Bean Cobain is in the middle of a serious conflict with her mother.  Francis is the sole child of alternative singers Kurt Cobain and Courtney Love.

Reports indicate that Love already lost child custody of Francis last year.  While the cause of the lost custody has not been made public, it was revealed that the Cobain Trust Fund suffered a loss of $8 million.

At this time, Francis remains under the guardianship of Wendy O' Connor, Kurt Cobain's mother.  Last January, the trustee that was overseeing Francis' trust fund handed the rights over to O'Conner and separated Love from the fund.

At this time, news sources say that the child custody matter will be dealt with separately from the issues surrounding the trust fund.  Back in 1997, the trust fund was established for Francis after her father died in 1994 without a will.  Francis is the sole beneficiary of the trust which has been the subject of controversy.

If you need assistance with a child custody matter in Los Angeles, contact Claery & Green to discuss your case with a Los Angeles family law attorney.

If a person dies without a will in California, the way in which their estate is divided and distributed is governed by a statute known as in intestate law.

If the deceased person is survived by a spouse and/or children, the deceased person's estate will typically be divided between the spouse and children. When applicable, the estate will also be divided amongst surviving grandchildren. If the deceased person does not have a spouse or children, the estate is typically divided amongst the parents, siblings, aunts and uncles, cousins, et cetera, of the deceased person depending on who, if anyone, survives him or her.

If a person dies and leaves behind minor children without any other guardian, the court will appoint an appropriate guardian, typically a close family member when possible. Any assets left to a minor child will also fall under the care of a guardian until the child turns eighteen.

Clearly, quite a bit can be left to the courts to decide if a person dies without a will. If you feel that it is time to take the precaution of writing a will, contact Claery &Green to discuss your options with a Los Angeles family law attorney today.

There are minimally, two important parts of an estate that one should know about. One is called a durable power of attorney and the other is a will.

A durable power of attorney is for managing your property while you are still alive in the event that you're not able to do so yourself due to incapacitation. The second part, the will, is for the managing and distribution of your property after you have passed on. Many people are using revocable or living trusts in order to avoid probate and be able to manage their estates while living, as well as after death.

Durable power of attorney is an important estate planning instrument for it allows you to appoint what is called an "attorney-in-fact" to act in your place for financial purposes should you become incapacitated and unable to function. The person you choose will then be able to act on your behalf and take care of financial matters. Without this in place, no one can represent you unless a court of law appoints a guardian or conservator. This process takes time and money and comes with no guarantees that the judge will choose a person you prefer.  

Power of attorney can be limited or general. The general power of attorney is far more comprehensive and gives the appointed person all of the powers and rights that you yourself would have. There are many specifics that need careful planning when it comes to estates so be sure to contact an attorney familiar with this aspect of law.

It’s important to take the time to do some estate planning while you are still amongst the living and not put it off. For an experienced hand to help you with your estate, contact a an experienced California estate planning attorney at Claery & Green by calling 877-856-4111.

Estate planning is very important and something that everyone needs to consider. If you wait until it’s too late to plan your estate, then those you love the most may be excluded from receiving what you want them to receive after your passing. Your wealth may be eaten up in taxes, spent on administrative costs, or distributed wrongly amongst squabbling heirs.

The importance of planning your estate (even if it is not a large one) while you are still alive cannot be underestimated. This allows you to choose who you want your property distributed to in the manner that you want, and when you want. It will enable you to save money on taxes, court fees, and attorney fees and will give you the peace of mind knowing that your family or friends will not be unnecessarily burdened with financial stresses after you’ve passed on.

You should consult an attorney who has the experience to help you prepare your estate and ensure it is done correctly. If you are in the Los Angeles area and are interested in drafting a will or estate plan, please consider contacting a California estate planning lawyer at Claery & Green. We will meet with you to discuss your wishes to ensure your will, trust, or estate plan are drawn up and carried out the way you want them to be. Contact our office today to schedule an appointment by calling 877-856-4111.     

Basic Definition of a Will

A will can be defined as a legal document where it is stated who is going to receive your estate after you have died. Additionally, it allows you to name a legal representative so as to oversee the distribution of property in accordance with your wishes.

Consequences of Dying Without Having a Will in Place

When an individual dies without having a will, the person's property is distributed according to a specific formula fixed by law. Individual family needs are not taken into consideration and legal costs increase. Without a will, it will go unstated as to whom you want to handle your affairs after you have departed and this in itself can create upset amongst the family.

Determine Who You Want to Manage your Affairs

This is an important decision and you should appoint someone responsible and who you fully trust. It can be a spouse, a relative, a close friend or even a trust company. This person will be responsible for paying any debts of the estate and distribute the remaining estate to the named beneficiaries.

Creating a will on your own is risky and is better done by a legal expert with the proper training and experience so as to create a document that will reflect your specific wishes and protect all those involved.

If you haven't yet created a will, now may be a good time to make this happen.  Life can sometimes be filled with unexpected events and being prepared is a far more responsible and comfortable position to enjoy and will afford you some peace of mind.

To find out more about wills and estate planning, set up a consultation with one of our experienced California estate planning attorneys from Claery & Green

To arrange a consultation, contact the office at 310-362-2273 today.

QTIPs, short for Qualified Terminable Interest Property Trusts, are a way for people to further protect their assets and property in the event of divorce, separation, or death.

These types of marital trusts are created after a prenuptial agreement has already been created. A prenuptial agreement is a very effective way of protecting one’s assets and property rights in the event the marriage ends in divorce. QTIPs, however, take the level of protection one step further. These trusts give the person creating the trust control over who they want in charge of overseeing the distribution of assets and property to beneficiaries after their death. Most states automatically award this control to the deceased’s spouse. For those people who do not want their spouse in charge of distributing their assets, establishing a QTIP is a good idea. A QTIP can ensure a spouse receives money or inheritances, but does not give them any say in how the deceased’s money, assets, and property are divided.

If you are interested in learning more about drafting a qualified terminable interest property trust, or any other trust for that matter, it’s important to work with an experienced estate planning attorney who has ample practice drafting these types of trusts. An attorney at Claery & Green can make sure all of your wants, needs, and concerns are taken into consideration, and then create a trust that is customized to your liking. Once the trust has been created, you will have peace of mind knowing that your assets are protected and your beneficiaries will be taken care of in the future.

For more information about the estate planning services offered at the firm, contact Claery & Green today by calling (877) 756-4111.

A simple will outlines how a person would like their assets, money, and property to be divided and distributed to their beneficiaries upon death. These types of wills are best for people whose total estate is valued at $100,000 or less.

For more complex estates or for estates valued at more than $100,000 it is best to create a trust and maybe a pour-over will in conjunction with that trust. Pour-over wills essentially protect those assets not included in a trust. If a person passes away without a pour-over will, the state of California will gain control over how their assets will be distributed amongst their beneficiaries. When a pour-over will has been created, those assets not included in the trust are poured into the will, protecting them from state intestacy laws.

Both simple wills and pour-over wills are excellent ways to protect your assets and save your loved ones the hassle and headache of probate. However, before drafting any type of will or trust, it’s best to consult an attorney. An experienced California estate planning lawyer at Claery & Green can review your estate to determine which type of will or trust would be best for you. Once you’ve decided which type of document you’d like to create you can depend on Claery & Green for help.   

Contact Claery & Green today by calling (877) 756-4111, or click here for a free case evaluation.