There are many misconceptions around what trusts are and who they are designed to benefit. A person doesn’t need to have heaps of money and properties in order to create a trust and begin estate planning. In fact, even though estate planning is for everyone, far too many people neglect to ever do so and ultimately leave their family to pick up the pieces after they’re gone. Continue to read along to learn more about how these processes work, who’s involved, and what the benefits are.
What Does It All Mean?
The concept of a trust is actually quite simple. Trusts are legally binding arrangements in which one party holds property on behalf of another. An estate refers to everything a person owns, including their vehicles, properties, life insurance, personal possessions and any other assets they may have. Therefore estate planning is the proactive process of distributing ones wealth before they pass away or become incapacitated.
Who Does It Involve?
These arrangements are most typically made within families in order to grant another person the authority to manage the estate described in the trust. The person creating the trust is called the settlor or trustor, and the recipient is referred to as the trustee. Lawyers are typically involved in this process as well as to ensure every detail is properly addressed and legally stands.
What Are the Advantages and Disadvantages?
There are far many more advantages to curating a trust and beginning the estate planning process than there are disadvantages. Mainly, it allows many of the legal processes to move more quickly. Additionally, a trust is effective immediately, can offer tax minimization perks, and allows for underage beneficiaries. The noteworthy disadvantages of trusts are the preparation costs and the amount of time it can take to retitle your assets.
Everyone needs a will and trust. Without one, your loved ones are at the mercy of the Government who will run up your estate charges with no concern over taxes. Contact us today to receive a free consultation on your trust and estate planning needs!
When you sign a prenuptial agreement with your spouse, you
are agreeing to the terms written in the document. However, there are certain
situations where a prenup can be nullified. If there is evidence in the
agreement that can be challenged, you can talk to a lawyer to discuss any legal
questions or concerns you have about the contents of the document. Learn more about
the grounds you can use to nullify a prenuptial agreement.
contract is one that is so one-sided that it is unfair to one party
and therefore unenforceable under law. It is a type of contract that
leaves one party with no real, meaningful choice, usually due to major
differences in bargaining power between the parties. If a prenuptial agreement
is considered unconscionable in court, then the judge can void it.
Failure to Disclose
Both parties need to disclose any information regarding
wealth and assets. The reason behind this disclosure is to decide on the amount
of alimony or property division in the event of a divorce. If your partner hides
any personal assets or valuable interests, then there’s reasonable grounds to
challenge the prenup. You can state you were unaware of extra funds and other
properties before signing.
Law states “the courts will throw out a prenuptial agreement if a spouse
can prove that someone coerced him or her into signing the document. Coercion
can take the form of blackmail, threats, or simply undue pressure.” An example
of this can be if your partner had you sign the day before or on the wedding
and you didn’t have enough time to look at it thoroughly.
The lawyers at Family Law Richard E. Young & Associates
have many years of practice handling legal cases, including prenuptial
agreements. If you or a loved one needs to speak with an attorney, contact our family
law firm to get the legal assistance you need. You can also visit our website here for more
Planning for the future by drafting up your will can be scary, but important! If you are starting to think about this aspect of your future and want to learn more about a will, be sure to read this month’s blog post!
When it comes to creating your will, you’ll want to create one separate from your spouse. While you are married, it’s important to keep your wills separate. Naturally you are going to have different wishes and items that belong to you alone, so it’s only natural to create a will specific to you. It is also likely that your deaths will be separate. It’s common that you and your spouse will have a will that looks similar, but ultimately slightly different.
Once you have your will crafted, you will want to pick an executor. Normally it’s a family member who you are close with and who you trust and can rely on. Should you find this task a bit daunting or you believe your will is more complicated than most are, it’s important you make sure your attorney is the executor. There is nothing wrong with admitting it’s not good for a family member to have this job, so be sure to make the right choice! Your attorney will also be able to help you make this choice and offer their opinion.
Letter of Instruction
Beyond your will, you will need to create a letter of instruction. These letters are less official and binding than a will, however if your family receives the letter they should be compelled to follow it. A letter of instruction can detail the aspects of your funeral and affairs related to such. You can also include details of each item you are leaving to people. You can let them know what you hope they’ll do with it. While they aren’t bind like a will, your family may find guidance in having the letter.
The overall point of a will is to help your family sort all your belongings after you’ve passed. Without a will everything must go through probate and the state, which is time consuming and stressful for family members who believe something is theirs. If you create a will, and then nobody is able to find it, your family will have to go through the same ordeal as if you never had it. Ensuring that your will is easily accessible and someone who you trust knows where it’s at is essential.
Nobody wants to think about their death and what comes after, however it is an essential part of your future plans. Ensuring you have a will that is easily accessible is in everybody’s best interested. For any legal questions you may have, be sure to reach out to Family Law Richard E. Young & Associates!
Family law covers a variety of issues involving family
relationships. This legal practice focuses on everything from adoptions,
divorce, child custody and many more areas. As attorney’s we represent our
client’s in family court or any related negotiations. We are there through the
entire process, from drafting legal documents to the actual court hearings.
Family Law Services
that We Offer
We offer exclusive work in all aspects of family law
including divorce, partner divorce, child and spousal support, custody and
visitation, move-aways, and legal seperations. We also specialize in
post-nuptial agreements, pre-nuptial agreements, co-habitation agreements, and
domestic violence actions. With several years of experience, Mr. Young has
handled various difficult divorces involving parent alienation and division of
Why Seek the Help of
Relationships can be tough and emotional, especially when multiple
parties are involved. If you have never dealt with the law and haven’t had any
other family matters that required legal attention, truth is you are probably
not equipped to handle a legal situation on your own. An experienced lawyer
like Richard E. Young can provide you with the guidance and support that you
need to win this battle. A lawyer will give you legal advice, provide you with
the necessary documentation and make the process less stressful and easier to
If you or someone you know is searching for a reliable
attorney in Orange County, CA to help with family law matters, trust in Family Law Richard E.
Young & Associates to provide you with the legal help that you need.
With years of experience working in numerous family law cases, you can be
reassured that we will work hard to deliver the results that you seek.
There is nothing exciting or fun about going through divorce
proceedings, but that doesn’t change the fact that they are still necessary.
What is most important during such a trying time in a person’s life is guaranteeing
that they are represented by the best possible divorce or family lawyer who
will look after their best interests. This blog will be devoted to providing
you with all of the important aspects of choosing the right lawyer and explain
why they can make all the difference.
Decide on Your
When deciding which lawyer is best when it comes to helping
you file for divorce, it is first important to understand what kind of divorce
process you are looking for. It is a common misconception that divorce is
simply signing a paper and deciding who gets what, but that couldn’t be farther
from the truth. There are three main types of divorce proceedings, mediation,
litigation and collaborative divorce; each holds its own merit when it comes to
the benefits it provides and needs to be carefully considered. Something all
three of these types of divorce hold in common, however, is that they are best
carried out with a lawyer representing you.
Do Your Research:
After you decide on what kind of divorce proceedings you are
looking for, the next most important thing is to start doing your research on
any divorce and family lawyers you are considering. From searching them online
to looking up their reviews and even asking friends who may have used them, it
is vital to get a clear picture of who you are bringing in and if they are
indeed compatible with you. One of the most important aspects of an effective
lawyer/client relationship is the trust any client should have in the person
Look at Multiple
Candidates & Trust Your Gut:
Once you have done your research, it remains important to meet
with all of the candidates that you are considering before you sign on the
dotted line. Going in for a simple consultation is often enough to get the information
you are looking for and help you pick the best one for you. Once you meet with
them to discuss your divorce, the choice will most likely become very clear as
long as you trust what you’re feeling about them.
Overall, there are a lot of specific aspects to finding the
right divorce and family lawyer that will need to be considered. As long as you
go through these steps and maintain a trust in your own judgement, there is no
doubt that you will find the proper lawyer for you. The professionals at Family Law
Richard E. Young & Associates believe strongly in these steps
and are extremely confident that they will lead you to our talented team,
because to us there is nothing more important than representing you to the best
of our ability.