What Happens When the Trust and Transfer on Death Instructions on Accounts are Different?[/caption]

In an ideal estate planning scenario, a living trust is fully funded with assets, allowing the entire estate to pass to beneficiaries without dispute or need for probate court. Sadly, this is not always how things work out. Sometimes there may be a discrepancy between the living trust provisions and the Transfer on Death indication of an old investment or banking account. What happens in these situations? What do California’s probate laws say? Find out in the latest blog post from Max Alavi APC, OC Trusts Lawyer, and trusted estate planning attorney.

What Happens When the Trust and Transfer on Death Instructions on Accounts are Different?

In an ideal estate planning scenario, a family will have a living trust fully funded with assets, allowing their entire estate to pass to their beneficiaries through the trust itself. Of course, not every estate planning scenario is so neat and tidy! It is much more common for families to have at least a few banking and investment accounts with old beneficiary designation systems, often inconsistent with the terms of a living trust.

An Estate Planning Case Study

Here’s an illustration that might be helpful.

Imagine that Ashley sets up a living trust in which she names her three daughters as equal beneficiaries of her estate. Before establishing the trust, Ashley had a checking account on which she named only one of her daughters, Diane, as a Transfer on Death (ToD) beneficiary.

The three daughters are embroiled in a dispute regarding the checking account upon Ashley’s death. Diane claims that she is the account’s sole beneficiary, while her two sisters claim that the account should be equally shared among the three of them, according to the terms of the trust. So who’s right?

What Does the Probate Code Say?

Let’s take a closer look at what California’s estate planning laws say. Probate Code § 5302 dictates that a ToD designation, like the one associated with Ashley’s checking account, can fail if there is clear evidence that the deceased account owner intended to distribute assets differently than the ToD indicates. Case law in California establishes that a trust may prove this clear and convincing evidence.

Now let’s get back to our illustration. Since Ashley’s living trust called for an even division of her trust assets, and since the trust was created after she established Diane as the sole ToD beneficiary, there’s a decent chance that Diane’s sisters would win the day in probate court.

Get Help from a Probate and Estate Planning Attorney

But, of course, no family wants to face this level of tension or acrimony. One of the primary goals of estate planning is to provide clarity so that this kind of discord never happens. That’s what makes it so important to ensure that all elements of your estate plan are harmonized, something that a good law firm can help you with.

Max Alavi APC, OC Trusts Lawyer, has a proven track record of helping clients in Orange County, Los Angeles, and Long Beach Area arrive at sensible and effective estate plans. He has countless reviews that attest to his skill and his helpfulness. To find out more about coordinating a living trust with ToD accounts, schedule a consultation with Max Alavi APC, OC Trusts Lawyer.

As a law firm specializing in living trusts, estate planning, and probate solutions, we understand that legal terminology can be overwhelming and confusing. Therefore, we have compiled a glossary of legal terms to help our clients and users better understand the legal concepts central to our practice. This glossary includes definitions for critical legal words such as living trust, estate planning, and probate, as well as other important legal concepts such as trustees, beneficiaries, wills, power of attorney, guardianship, conservatorship, trust administration, estate tax, and more. By familiarizing yourself with these legal terms, you can better understand the legal processes involved in protecting and managing your assets. As always, our legal experts are here to provide you with the guidance and support you need to navigate these complex legal matters.

Glossary of Estate Planning Terms

1. Living Trust: A legal document allowing you to transfer your assets to a trustee during your lifetime and then to your beneficiaries upon death without going through probate.
2. Estate Planning: Preparing to transfer your assets to your heirs or beneficiaries after your death. Estate Planning can include the creation of a will, a living trust, and other legal documents that outline your wishes.
3. Probate: The legal process of distributing the assets of a deceased person according to their will or, if there is no will, according to state law.
4. Trustee: The person or entity named in a living trust responsible for managing and distributing the trust assets according to the trust document’s terms.
5. Beneficiary: The person or entity named in a living trust entitled to receive the trust assets upon the grantor’s death.
6. Will: A legal document outlining how a person’s assets will be distributed upon death.
7. Power of Attorney: A legal document that gives another person the authority to act on your behalf in legal or financial matters.
8. Executor: The person named in a will responsible for carrying out the deceased’s wishes.
9. Guardianship: The legal process of appointing a person to care for the personal and financial needs of a minor or incapacitated adult.
10. Conservatorship: The legal process of appointing a person to manage the financial affairs of a minor or incapacitated adult.
11. Trust Administration: Managing and distributing a living trust’s assets after the grantor’s death.
12. Estate Tax: A tax imposed on the transfer of assets upon the death of an individual.
13. Gift Tax: A tax imposed on transferring assets as a gift during a person’s lifetime.
14. Intestate: A person who dies without a valid will.
15. Living Will: A legal document that outlines a person’s wishes regarding medical treatment in the event of incapacity or terminal illness.
16. Advanced Healthcare Directive: A legal document that outlines a person’s healthcare wishes and appoints a healthcare agent to make decisions if they become incapacitated.
17. Community Property: A form of joint property ownership in which spouses have equal rights to all property acquired during the marriage.
18. Separate Property: Property owned by one spouse is not considered community property.
19. Revocable Trust: A living trust that can be amended or revoked during the grantor’s lifetime.
20. Irrevocable Trust: A living trust that cannot be amended or revoked once created.

Contact Max Alavi APC, OC Trusts Lawyer Today.

This glossary has helped clarify some legal terminology related to a living trust, estate planning, and probate. If you have further questions about these concepts or need assistance creating a living trust, developing an estate plan, or navigating the probate process, don’t hesitate to contact Max Alavi APC, OC Trusts Lawyer law firm. Our experienced legal experts are dedicated to providing the guidance and support you need to protect your assets and secure your legacy. Contact us today to schedule a consultation and learn how we can assist you with your living trust, estate planning, probate, and trust litigation needs.

A financial power of attorney authorizes a loved one to manage your finances and to conduct business transactions on your behalf, should you become unable to handle those matters yourself. But what happens when a third party, such as a bank or credit union, refuses to acknowledge a properly executed power of attorney document? This may result in significant hassle and frustration, but California law provides a structure to make a claim against those third parties and even to recoup legal fees. The first step? Talking to a skilled living trust lawyer. Find out more in this post from Max Alavi APC, OC Trusts Lawyer.

What Happens When a Bank Refuses to Accept Your Power of Attorney?

The financial power of attorney is one of the most valuable estate planning documents, allowing you to ensure that your financial wishes are carried out, and your duties fulfilled, even if you become incapacitated for some reason. More specifically, a financial power of attorney is a document that lets you name someone as your agent, authorizing them to manage your finances when you’re unable to do so yourself.

At the office of Max Alavi APC, OC Trusts Lawyer, our attorneys have received a number of inquiries from clients who say that a bank or credit union has refused to recognize their legitimate financial power of attorney. In this post, we’ll share some insight.

Financial Power of Attorney Denial: A Case Study

There are several reasons why a financial institution might look askance at your valid power of attorney document, but typically the situation unfolds like this: Imagine a woman by the name of Mary. She’s listed as her mother’s power of attorney. What this means is that, legally speaking, Mary is authorized to conduct any kind of financial or business transaction on her mother’s behalf, particularly if her mother becomes unable to handle those transactions on her own. And that’s just what happens: Mary’s mom is diagnosed with dementia, and has doctors’ notes to verify it.

A dementia diagnosis is always tragic, but Mary decides to do her best to make certain her mom gets the highest standards of care. She places her mother in a residential care facility that offers around-the-clock nursing and other support services.

Of course, these communities can be pricey. To cover the significant expenditure, Mary decides to draw from some of her mother’s bank accounts and investment portfolios. This is something that, as a financial power of attorney, she feels she is authorized to do.

And so, Mary reaches out to her mother’s bank, providing both the financial power of attorney document and the doctors’ notes, verifying the dementia diagnosis. Mary doesn’t hear back for weeks, and when she finally does get in touch with someone from the bank, they give frustrating news: They claim that the power of attorney document is too old, and thus they cannot recognize its legitimacy.

If the story ends there, and Mary simply settles for the bank’s verdict, then she is left with no way to cover her mom’s assisted living and dementia care expenses. Thankfully, Mary has other options available to her.

The Answer: Talk with a Living Trust Attorney

The scenario we’ve outlined here is all too common, but thankfully, there are legal remedies in place. For example, under California Probate Code § 4406, Mary is authorized to file suit against the bank for not recognizing the validity of a properly executed financial power of attorney document. And if the courts determine that the bank acted unreasonably, the law further authorizes Mary to recoup all attorney’s fees, which may place her back on solid footing, financially.

To succeed in a case against a bank, of course, you’ll need to match their resources and legal expertise. That means enlisting the services of a skilled living trust attorney who focuses on power of attorney and living trust law. Max Alavi APC, OC Trusts Lawyer, has an extensive track record working on cases just like this one, and a portfolio of reviews that speak to his excellency and his consistency in getting results.

Speak with a California Living Trust Attorney Today

Our firm is here to help you with any crises or conflicts that emerge over your estate planning documents, including a financial power of attorney dispute. To speak with a lawyer today, contact Max Alavi APC, OC Trusts Lawyer directly.

When you serve as a trustee, one of your core responsibilities is notifying each heir and beneficiary as to the death of the trust’s creator. Additionally, you must notify each heir and beneficiary when the trust becomes irrevocable (which can happen if the trust’s creator becomes incapacitated).

But what exactly should this notification include? What timeframe does the trustee have for providing the notice? And should a copy of the trust be included? For answers to each of these questions, check out the most recent post from Max Alavi APC, OC Trusts Lawyer.

What are the Trustee’s Duties to Provide Notice to the Beneficiaries After the Creator of the Trust Has Passed Away?

When you serve as a trustee, one of your core responsibilities is to appoint someone to serve as your successor, taking over the administration of the trust after you pass away. Given the weighty responsibilities of managing a trust, this is not a duty to be taken lightly. Certainly, it is important to find someone who is well-organized, trustworthy, and competent. Ideally, it will be someone who lives nearby.

The successor trustee will have a number of duties to fulfill, and one of them will be providing notice of your death to all of the beneficiaries and heirs who are named in the trust. Each beneficiary and heir must receive notice that the trustee has passed within a window of 60 days. Additionally, the successor trustee must alert each beneficiary and heir if the trust becomes irrevocable (which can happen if the original creator of the trust becomes incapacitated).

The Trustee’s Duty to Provide Notice

When providing notice to the trust’s heirs and beneficiaries, what types of information must be shared? According to California Probate Code § 16061.7, notice must include the following information:

• The name of the person who created the trust, and the date on which the trust was signed.
• The address of the physical location where the trust will be administered.
• Any details that are specifically required by the terms of the trust.
• A notification that a true and complete copy of the trust is available upon reasonable request.
• A notice regarding the 120-day period in which the trust can be contested.

The notice does not have to include a copy of the trust itself. With that said, providing a copy of the trust is usually advisable, as it can minimize the risk of that 120-day contest period being extended.

Talk with a Living Trust Attorney Today

As you consider the duties of the trustee, and seek to execute them faithfully and prudently, it’s natural for some questions to arrive. That’s why it’s important to be in contact with a reputable living trust attorney, who can give counsel on how to serve as an effective trustee and how to uphold your legal obligations to each heir and beneficiary.

Max Alavi APC, OC Trusts Lawyer, has an exemplary track record in living trust and probate law, and is an invaluable ally to trustees across the Orange County area. An outstanding history of legal victories, along with a portfolio of rave reviews, attest to his skill and experience. If you have any questions about a living trust or about executing the duties of a trustee, reach out to Max Alavi APC, OC Trusts Lawyer today.

Having a living trust can be a convenient, cost-effective way to transfer assets to an heir after you die. Merely having a living trust is insufficient, however, if that trust is not properly funded. In cases involving real estate assets, this means ensuring the property is titled to the trust. Find out more about funding a trust via Max Alavi APC, OC Trusts Lawyer.

The Importance of Properly Funding Your Trust

A living trust can be an effective way to transfer assets to your heirs upon your death. However, it’s important to remember that creating trust is merely the first step. It’s equally essential to ensure that the trust is fully funded. In other words, it’s important to transfer the title to your assets and property from yourself to your trust.

This is an especially important concern when using a living trust for real estate. One of the most common errors people make is not titling newly purchased property in the name of their trust. This error can frustrate the entire reason for creating the trust in the first place.

Titling Assets in the Name of Your Trust

Keep in mind that a trust can only control those assets that are titled in the name of the trust. So, if you fail to title an asset or piece of property in the name of the trust, then that asset will be treated as though you had no trust at all. This will likely mean that, upon your death, your heirs must go through the costly, time-consuming probate process in order to claim their inheritance, something that a properly funded living trust could help you avoid.

Again, these concerns are especially important when considering a living trust for real estate. This is because the deeds to your real estate must not only be titled in the name of the trust, they also must be accurately reported to the office of the county recorder.

Living Trusts and Pour Over Wills

It’s worth noting that a pour over will may be used to transfer assets into your trust after you have passed away. This is far from an ideal solution, however, as any will must be approved by the probate court before it can go into effect. This means your heirs may still incur significant court costs or experience major delays before they may claim their assets.

The bottom line? There is simply no substitute for ensuring that your assets are properly titled in a fully funded trust.

Talk with a Living Trust Attorney

Living trusts can provide a smooth and cost-effective transfer of assets to your intended heirs. To ensure the proper setup and funding of your living trust, make sure you speak with an experienced living trust attorney.

Max Alavi APC, OC Trusts Lawyer, is an experienced living trusts attorney with a proven track record of success, and a broad portfolio of five-star client reviews. To discuss using a living trust for real estate, contact Max Alavi APC, OC Trusts Lawyer at your convenience.

A living trust can be an important estate planning tool, helping you pass along your assets to the intended heirs without the need for the probate courts to intervene. Find out more about the benefits of establishing a living trust, and the reasons to hire an experienced living trust lawyer, in this blog post from Max Alavi APC, OC Trusts Lawyer.

Do I Really Need to Create a Living Trust?

All too often, individuals believe that simply creating a will is sufficient for properly distributing their assets to intended heirs. If you die with only a will in place, you run the risk that your assets could be entered into probate court, creating additional expenses and hassle for your loved ones. Additionally, a will alone is not always sufficient to ensure your assets are distributed according to your wishes; sometimes, the court may intervene, going against your express wishes.

One solution to these problems is to create a living trust. A qualified living trust lawyer can help you use your trust to ensure the optimal outcomes for your intended heirs. 

Why Set Up a Living Trust?

The main reason to set up a living trust is to protect your heirs from having to go through probate court once you die. Probate simply refers to the state’s legal process of assessing how a person’s assets should be allocated upon their death, and it will prove both costly and time-consuming for your heirs. It’s desirable to help them avoid probate altogether, and in California, the best way to do so is by working with a living trust attorney.

Exceptions: When Don’t You Need a Living Trust?

There are a few circumstances in which a living trust might not be needed. Examples include:

• If the entire value of your estate is under $150,000,  your heirs may use the small estate probate process, meaning a living trust is not necessary. 
• Bank accounts and investment accounts can have a “Transfer on Death” designation, allowing the immediate transfer of those assets to the designated beneficiary without the need for probate. Again, a living trust is not needed here.

What Does a Living Trust Do?

When you establish a living trust, you’re effectively creating the rules and parameters by which your heirs will receive your property when they die, without the need to have the probate courts intervene. This helps preserve the value of your estate while ensuring your heirs all get the assets you intend for them, as promptly as possible.

A living trust can also prevent headaches should you become incapacitated due to dementia or a similar condition. Assets in a living trust can then be managed by a trustee you have appointed, on behalf of your heirs, without the need for a legal conservator.

Why Hire a Living Trust Lawyer?

Living trusts can certainly be helpful but be advised that they come with their own special rules and protocols. To establish an effective living trust, you’ll want to work with an experienced lawyer.

Max Alavi APC, OC Trusts Lawyer, has a proven record of success, and a wide range of knowledge concerning probate law. Contact him whenever you’re ready to speak with a living trust attorney in the State of California.

Funding your trust is one of the single best things you can do to spare your beneficiaries from the probate court. Find out more about what it means to fund a trust, which items to include, and which items to leave out. Seek insight from Max Alavi APC, OC Trusts Lawyer.

How to Avoid Sending Your Loved Ones to Probate Court

Without a careful, well-considered estate planning strategy, many individuals inadvertently propel their loved ones straight into the court system, forcing them to undergo probate before claiming their inherited assets. Given probate’s reputation for being expensive and time-consuming, this is something to try to avoid.

One mistake that always leads to probate is having an underfunded trust. In this post, we’ll clarify what it means to fully fund a trust and which assets should (and shouldn’t) be included in the living trust.

What Does it Mean to Fund Your Trust?

Funding your trust can be defined as transferring assets from your name to the name of the trust. Beneficiary designations may also be changed to the trust.

There are three basic ways to fund your trust:

1. Change the title of an asset from your individual name to the name of the trust.
2. Assign your interest in an asset that doesn’t have a title (say, a piece of jewelry) to the trust.
3. Change the primary beneficiary of an asset to your trust (this is especially common with things like annuities and life insurance policies).

We recommend compiling a list of your assets, values, and locations. Start by funding the most valuable item on the list, then work your way down. Contact your estate planning attorney with any questions.

What Happens to Assets Omitted from Your Trust?

Simply put, if you leave assets out of your trust, you’re all but guaranteed to send your beneficiaries to the probate court, which can be a long, complicated, expensive, and aggravating process. This can happen even if you have a will, so make funding your trust a top priority.

Which Assets Should You Include in Your Trust?

There are certain types of assets that you’ll more or less always want to include in your trust. Here are the assets to fund:

• Real estate
• Bank and credit union accounts
• Safe deposit boxes
• Investment accounts
• Notes payable to you
• Life insurance
• Business interests
• Intellectual property
• Oil and gas interests
• Personal items of great value – think artwork, jewelry, collectibles, antiques

With that said, there are also certain assets you don’t want to fund to your trust. These include:

• IRAs and other tax-deferred retirement accounts
• Incentive stock options
• Foreign assets
• Cars, trucks, motorcycles, boats, motorized scooters, and other types of vehicles

What are the Benefits of Funding Your Trust?

There are several advantages to fully funding your trust. These include:

• Your trustee can access your assets without needing a court order.
• Your wishes (and the contents of your estate) can remain confidential.
• Your beneficiaries will not experience the costs and frustrations associated with probate.

With any additional questions about funding a trust, make sure you reach out to a skilled and experienced attorney in your community. Schedule a consultation with Max Alavi APC, OC Trusts Lawyer, today.

Summary

Life changes all the time. As it does, your estate plan should change with it. Most estate planning lawyers recommend revisiting your will and trust every three to four years. Additionally, revisit it if you experience any of the following circumstances:

1. You get married, get divorced, or lose your spouse.
2. Your financial situation changes, either for good or for ill.
3. You either launch or dissolve a business.
4. You experience the birth, adoption, or death of a child or grandchild.
5. Your personal or family circumstances change in other ways, including geographic relocation.
6. Your goals change; for instance, you decide to change who inherits what, or you want to add a charity to your estate plan.
7. Find out more about revisiting an estate plan. Connect with Max Alavi APC, OC Trusts Lawyer.

As Circumstances Change, So Should Your Estate Plan

Your estate plan was designed to address your needs, goals, and aspirations as you see them, not reflecting both your present financial realities and your current family dynamics. But in life, the one constant is change… and as your life takes new twists and turns, it’s important to ensure your estate plan is up to date.

When Should You Revise Your Estate Plan?

There are a number of circumstances in which it might behoove you to update your estate plan. Six of the most common reasons are:

1. You get married, get divorced, or lose your spouse.
2. Your financial situation changes, either for good or for ill.
3. You either launch or dissolve a business.
4. You experience the birth, adoption, or death of a child or grandchild.
5. Your personal or family circumstances change in other ways, including the need to replace trustees, address disabilities or addictions, a geographic relocation, etc.
6. Your goals change; for instance, you decide to change who inherits what, or you want to add a charity to your estate plan.

One more thing: Just as your life changes, the federal and state laws that affect estate planning can change, too. Regularly reviewing your estate plan with a qualified attorney can ensure you’re up to date on the latest regulations.

Updating Your Will and Trust: Case Studies

To further illuminate the reasons why you might change your estate plan, consider this example.

Bob and Jill have been married for 20 years, and have three kids. Some years ago, they set up a living trust to ensure their family’s needs were taken care of in any contingency.

Since that time, their family has endured many changes, some good and some bad. Let’s take a look.

Divorce. Bob and Jill’s oldest son divorced his wife. Now the family needs to update their trust to exclude her as a beneficiary.

Changes in financial status. When Jill’s aunt died, she left Bob and Jill a great deal of money. They need to update their estate plan to properly allocate this money, and to plan for tax implications.

Birth. Bob and Jill’s daughter just announced that she is expecting a child. Naturally, Bob and Jill want to ensure their grandchild receives a portion of the family inheritance.

Changes in personal circumstances. The youngest son was involved in a car accident that left him severely injured, unable to work. He is eligible for government disability benefits, but getting income from a trust would disqualify him. Bob and Jill likely need to set up a special needs trust.

Changes in tax law/venue. Changes in Federal Law that may result in your estate being a taxable estate.

How Often Should You Check in on Your Estate Plan?

As a rule of thumb, it’s wise to check in with your estate planning attorney every three or four years. You may wish to review your plan more frequently if you go through any major life changes, like the one’s Bob and Jill experienced.

How much do you know about estate planning? Take a few minutes to do this estate planning pop quiz, prepared by Max Alavi APC, OC Trusts Lawyer.

It’s Time for an Estate Planning Pop Quiz!

How much do you know about estate planning? Are your assets in order and ready to be distributed upon your death? We invite you to take our estate planning pop quiz to find out.

What is Estate Planning?

First things first: When we talk about estate planning, what exactly are we talking about?

Simply put, estate planning is a legal process in which you declare your wishes for how your assets should be allocated among your heirs and beneficiaries when you die. Estate planning may also involve signaling your wishes for end-of-life care should you become medically incapacitated. And estate planning can denote your wishes for guardianship of your minor children upon your death or incapacitation.

With that definition, let’s get on with the quiz.

Estate Planning Pop Quiz

1) You must name the same person to make financial and medical decisions on your behalf in the event of incapacitation.

True or false?

False. When selecting trusted decision-makers to be listed in your estate, selecting the best people for the job is important. That may mean selecting different people to handle financial and healthcare matters. For example, if you have a close friend or family member who works as an accountant, that person may make sense to make financial decisions, while you may prefer your spouse or an adult child to make decisions about your medical care.

Also, remember that you may sometimes wish to name a hired professional. For example, you may wish your financial decisions to be made by your accountant, bookkeeper, financial planner, or even your estate planning attorney.

2) If you do not create an estate plan, or if your plan fails to meet the needs of your current situation, the state may intervene to make decisions on your behalf.

True or false?

True. Most states, including California, have intestate laws, which denote how assets should be distributed for people who die without valid estate plans. These intestate laws tend to be very one-size-fits-all, meaning everything will go to your surviving spouse or a surviving child.

However, there are myriad reasons why you may not want these people to make decisions or inherit assets, including tax implications, complicated family dynamics, and more. As such, meeting with an estate planning lawyer to review your documents and ensure they fit your current situation is critical.

3) A will accomplishes the same basic goals as a trust and is much cheaper to create.

True or false?

While it’s true that making a will can be less expensive, it’s not true that these documents accomplish the same basic purposes.

Both a will and a trust outline your wishes for asset allocation upon your death, but a will only go into effect when you die. Trusts are effective even in life, so they can be used to help you navigate a season of medical incapacitation.

Additionally, trusts will enable your heirs and beneficiaries to avoid the lengthy, costly, and frustrating probate court process. If you die and only have a will in place, however, your loved ones will likely have to go through this time-consuming legal journey… and there’s a chance the courts will not honor your stated wishes.

As such, your estate planning lawyer will almost surely recommend that you have a trust, not just a will.

Talk with Estate Planning Lawyers in Los Angeles County or Orange County

No matter how you did on the quiz, you can get an A+ estate plan by enlisting the right experts. Max Alavi APC, OC Trusts Lawyer, has a proven track record helping clients navigate estate planning complexities. Schedule a free consultation today.

Family gatherings can be excellent times to discuss estate planning concerns. Topics addressed might include which family members want personal properties and who you will appoint as executors or decision-makers. Additionally, family meetings can be good times to develop family histories and preserve your legacy and story. Learn more from Max Alavi APC, OC Trusts Lawyer:

Include a Family Meeting in Your Next Family Reunion

Summer will be here before you know it, and with it, the opportunity for large family gatherings. Whether you’re heading to the beach or simply congregating around the barbecue pit, family reunions can be loads of fun. As you plan this year’s gathering, however, you may want to consider scheduling a little time to discuss business. Specifically, family reunions can be significant opportunities to talk about estate planning.

What to Talk About at Your Family Meeting

The specifics of the meeting agenda may vary from family to family, but here are a few of the most common estate planning topics to discuss.

• Discuss Who should be appointed as a decision-maker. Your estate plan should include the names of people you trust, named to serve as your estate’s executor or power of attorney. You may wish to inform your family about which people you’ve selected to make financial or health-related decisions on your behalf and also to provide your rationale.
• Discuss your end-of-life wishes. It’s helpful to provide your loved ones with clarity about what you wish them to do should you ever be placed on life support or become medically incapacitated. The person named as your healthcare decision-maker must know what your wishes are.
• Discuss the assets people want. Family meetings can also be good forums for people to express their wishes to receive a particular piece of furniture, jewelry, artwork, or family heirloom. You may be surprised to learn which items family members have emotional attachments to. Also, talking about these items in advance helps reduce the chances of hurt feelings or disappointment, particularly in cases where two people might desire the same thing.
• Your family history. Another reason to hold a family meeting is to discuss favorite memories, write them down, or even take some videos. This is a great way to preserve your family’s story and legacy beyond tangible assets and personal properties.

OC Trusts Lawyer Assists Families with Estate Planning Complexity

Max Alavi APC, OC Trusts Lawyer, has a proven track record helping families navigate estate planning complexities, ensuring all family members are on the same page about asset allocation and other vital issues. To further explore your estate planning options, schedule a consultation today.