|
|
|
|
|
|
|
|
|
|
| 11271 Ventura Blvd. |
| Suite 473 |
| Studio City, CA 91604 |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
|
|
|
|
| Warner Center Towers |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
|
|
|
|
| Watt Plaza |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
|
|
|
|
| Fashion Island |
| Phone: 877-479-7970 |
| Fax: 888-509-8864 |
|
|
|
|
|
Wills and Trusts
|
|
A will is a basic estate planning document that explains how a person wants their money or property disposed of upon their death. Trusts may also be used in conjunction with a will, or as an independent estate planning tool.
|
|
Wills
|
|
A will tells the world how you want your property to be distributed when you pass on. You may use a will to: explain who you would like to receive your property; name a guardian for your children; and/or specify an executor for your estate.
|
|
|
Keep in mind that upon appointing a guardian or executor, you may want to ensure that the person you are naming has agreed to the role. Since these positions require great responsibility and time, it not uncommon for people who are caught off guard by the appointment to refuse to undertake the duties.
|
|
|
Because the law, your financial circumstances, your family circumstances, and your objectives change over time, it is important to review and update your will periodically. This will allow you to account for changes that occur as the result of the divorce and remarriage, birth, and death of named beneficiaries. A will can be updated by a new will or by amendment (known as a codicil). According to state law, wills and codicils must be drafted and witnessed in specific ways to be valid. Consulting with an attorney will ensure that your estate planning documents are valid and enforceable.
|
|
Trusts
|
|
A trust is a legal entity that is created to hold assets for the benefit of another person or entity. The person who creates the trust is can be referred to as the: settlor, creator, donor, trustor, grantor, or founder. The person or entity for whose benefit property is held in trust is called the beneficiary. The person or entity who is responsible for managing the trust in accordance with the terms of trust is called the trustee.
|
|
|
The trust is created by transferring property or assets into the trust and by establishing the terms of the trust. The terms of the trust are the rules regarding: its management, the identities of beneficiaries, and the circumstances under which trust income or assets will be distributed.
|
|
|
A trust can be created and take effect during the life of the settlor or their death. A trust that is created and becomes effective during the lifetime of the settlor is called an inter vivos trust or a living trust. A trust that is created by a will and becomes effective when the settlor dies is called a testamentary trust, a trust under will, or a pour-over trust. A trust that cannot be terminated once it is created is called an irrevocable trust, and a trust that can be terminated by the settlor after it is created is called a revocable trust. In most jurisdictions, a trust is considered irrevocable unless the settlor has specified that it is revocable.
|
|
|
Since an estate plan caters to the specific needs of an individual, each plan must be specifically tailored to effectuate the desired outcome. Additionally, since the needs of an individual may change over time, the periodic review of a will or estate planning tools with an attorney will ensure that an estate plan is current and enforceable.
|
|
If you are ready to plan your estate, contact us at 877-479-7970, or e-mail us at info@law-thomas.com, to arrange for a confidential complimentary consultation.
|
|
|
|
|
|
Q: What is a will?
|
|
A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.
|
|
|
Q: How can a person change his or her will?
|
|
A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.
|
|
|
|
 How Much Estate Tax Will You Pay?
|
|
This estate tax calculator adds up many different types of assets to get an estimated estate tax figure for your current estate.
|
|
|
Social Security Administration Retirement Planner
|
|
The federal Social Security Administration provides retirement planning and disability benefit information from this Web site.
|
|
|
|
|
