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Estate Planning FAQ

Do I need an estate planner?

The development and implementation of a secure and thorough estate plan begins with the experienced and knowledgeable advice of a true estate planning attorney. The complex rules and regulations relating to estate planning and administration can confuse even the most experienced lawyer who does not routinely address estate matters.

Without the proper guidance and planning, one risks having their wishes involving their assets disregarded. The proper development of an estate plan will ensure that your property and assets will be protected by the law and can provide financial security for your family should you become incapacitated or pass away.

A consultation with an estate planning attorney can help you determine with confidence whether or not hiring an estate planner is right for your individual situation. Contact us to schedule a free consultation!

Why are living trusts so popular?

Living trusts have become a popular vehicle for protecting one's assets and carrying out their wishes to provide for their family and distribute their assets upon incapacitation or death because they allow one to avoid having their estate go through probate. A living trust is a private conveyance, and cannot be viewed by the public in the public records.

In addition, probate usually takes up to a year while a private trust can be administered and assets conveyed to its beneficiaries in a matter of weeks or a few months. Depending upon the size of your estate, and who your beneficiaries are (for example, if your only beneficiary is your spouse) you may not realize the benefits of a living trust. A consultation with an experienced estate planning attorney can best determine whether or not a living trust is the right vehicle for you.

Should an estate plan be reviewed periodically?

When certain life altering events occur in your life, such as a child being born, or changing your state of residence, you should definitely have your existing estate plan reviewed by a qualified estate planner. Different states have varying laws and regulations concerning trusts. Having your plan reviewed can ensure that your existing trust does not run afoul of your new state's rules and laws.

Likewise, other events, such as a change in the federal tax laws concerning estates and transfers to your beneficiaries, a change in your intended beneficiaries, the death of a named guardian, trustee or personal representative in your trust, or a change in the overall value of your estate should all prompt a review of your trust and estate plan.

Contact us for a free evaluation!

For more information concerning the use of living trusts and estate planning to effectuate your long term financial goals, please contact us at the Cerritos Law Office of Raymond J. Seo for a free consultation.

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