Special Needs Trust: Call on an Estate Planning Attorney in Sacramento

As a trust attorney in estate planning in Sacramento, I have helped many parents create a special needs trust for their disabled children. One crucial factor of this kind of trust is naming the trustee. Ideally, the trustee should be someone whom your disabled child is already acquainted with, like your spouse, a sibling, a relative, or a family friend. The trustee you name should also have a willingness to serve the needs of the child when you are gone. If the trustee is well-versed in financial management, this would be very helpful as well.

Estate planning may not be easy to undertake but it can be absolutely essential especially if children with special needs are involved. The attorneys at Generations have the knowledge and experience to make sure your child is taken care of when you are gone. Knowing that your special needs child will be responsibly looked after even in your absence can be invaluable to putting your mind at ease about that child’s future.

http://www.generationsprobate.com/blog/industry-news/special-needs-trust-call-on-an-estate-planning-attorney-in-sacramento.html

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Blended Families: How a Sacramento Estate Planning Attorney Can Help

One common issue is stepchildren. Understandably, married couples with families from previous relationships can get entangled in the many legal and emotional issues surrounding inheritances. For example, some parents might want their natural children to get all or most of their assets when they die, while others might want their stepchildren to benefit from these assets as well.

When looking for a trust attorney in Sacramento or wherever you happen to live, make sure they have planned and administered many, many estates for blended families before you allow them the privilege of working with yours. If you do, your attorney will know how to design an estate plan that incorporates proven solutions to the problems blended families face. A seasoned trust attorney can help determine the right kind of trust to set up for each unique situation.

http://www.generationsprobate.com/blog/info-articles/blended-families-how-a-sacramento-estate-planning-attorney-can-help.html

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Measures to Reduce Probate Rates in Sacramento

Holding a probate upon the death of an estate owner has a reputation of being a costly but necessary process since it allows the assets to be distributed to the rightful beneficiaries. In cases where there is no probate process, the assets left behind by the deceased might not go to the intended as stated in the will. Fortunately, there are measures to ensure a smooth distribution of assets while reducing probate rates at the same time. 

Normally, a will appoints an executor who is responsible for handling the distribution of the estate. At times, the executor is a trusted friend or relative of the deceased and thus is entitled to inherit an amount from the property. In this case, family members can ask that the executor waives his or her fee. 

Donations to charity and endowments that have been specified in the will can also help to reduce tax costs. In this case, a lawyer who is well-versed in probate rulings will help protect the assets while staying true to the wishes of the deceased. A charitable donation cannot be challenged in any way. 

Negotiating attorney's fees is also a way to minimize probate rates. However, probate fees are typically based on a portion of the estate eligible for probate. In addition, unless one is appointed as the executor of the will, he or she can't select an attorney.

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What to Expect in a Probate

Probate is the legal process held to determine how the estates ($100,000 or higher in total and in sole ownership) of a deceased are to be distributed. However, the probate can become lengthy and complicated if the deceased failed to come up with a valid estate plan during his lifetime, and the family may have to spend more just to get through the process. 

The properties of the deceased will initially be distributed to his or her creditors; liabilities must be paid off first before the properties can be distributed among the beneficiaries. There is a timeframe imposed on filing claims or paying debts. If the deadline for claim filing has passed, the duly-informed creditors can no longer file their claim. In the same way, if debts were prematurely paid, objections from inheritors cannot be honored. 

When liabilities have been settled, the immediate family is considered the primary inheritor of the deceased’s assets. However, in the absence of a valid will or trust, properties may not necessarily be distributed the way the owner desires. Such circumstances can cause distress to the deceased person’s family, particularly when probate distributions appear to be unjust. Inheritors may file dispute claims, but these could cause delays in distribution. 

Often, the negative consequences of probate proceedings are contrary to the best interests of the deceased. To make probate processes more efficient and fair, it would be wise to hire the services of an expert probate attorney.

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Choosing Your Will’s Executor

If there’s one thing that all adults need but many do without, it’s a last will and testament. So if you haven’t yet, schedule an appointment with an estate planning attorney to avoid inheritance problems later on. 

Of course, your attorney will also require you to name an executor—the person who will carry out your will’s mandates. Yet how do you nominate someone for such an important task? Listed below are a few tips: 

The Right Person 

Many people name their spouse, children, sibling, or best friend as their executor, but you don’t necessarily have to. Choose the person who you think will be best able to handle this task. 

Seek Consent First 

Before nominating someone as your executor, make sure that they are willing first. Remember, carrying out someone’s will is a time-consuming affair, so the person you choose should agree to the task. 

Stick to One 

Name only one executor. Naming all your children as executors, for example, may incite bickering among them. Furthermore, if papers need to be signed, all their signatures must be secured first. 

Drafting a will and choosing an executor are vital to estate planning, and they should be done while you’re still relatively healthy and not under duress. The earlier you do these things, the less you have to worry about your loved ones’ upon your passing.

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How to Talk to Your Parents about Estate Planning

Few topics are as uncomfortable as discussing estate planning with your parents. After all, you’re asking them to detail how their assets will be distributed should they pass.

An awkward subject though it may be, estate planning ensures that inheritance problems will not add to the heartache you will feel when your parents die. Yet how does someone bring up this conversation with their parents? Below are a few tips to help you out: 

Don’t Wait for a Crisis 

A lot of times, people only discuss estate planning when their parents are gravely ill. Don’t wait for crises to happen before raising this topic—do it now while they’re still physically and mentally healthy enough to draft a plan for themselves. 

It’s Their Call

Assure them that ultimately, it’s their call on whom they want to leave their assets to, because any form of unwarranted influence or coercion might only serve to invalidate their will. Emphasize, though, that the only limits to their choice are the provisions of federal and state law. 

Be Ready for Questions

Naturally, your parents will have plenty of questions about estate planning, so do your research beforehand. Schedule a consultation with an estate planning attorney who can further discuss the estate planning process with them. 

At the end of the day, make it clear that you want to have “the talk” because you have their best interest at heart. Keep the conversation open and honest, and you can navigate this tricky but necessary topic gracefully.

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