Estate Planning: Wills & Trusts

Estate Planning to Protect Your Family

Estate Planning involves the efficient and cost effective transfer of your assets to your children or heirs. Price Law Firm, APC in Redlands will create a comprehensive estate plan to accomplish your estate planning goals. Since every family’s situation is unique, an estate plan can be tailored to your individual needs. Below are some of the most common documents used in a typical estate plan.


Wills:

This document will name your executor, the person who will handle your assets after your death. It also permits you to name beneficiaries, set up support trusts for minor children or other dependents, and designate when and how your gifts will be given. If the total value of your assets is more than $150,000, your estate will require a court supervised Probate proceeding.


Revocable Living Trusts:

This document enables you to bypass probate, thereby providing privacy while saving time and money in distributing your estate. You will still be able to use and enjoy your property while it is held in the living trust. The only difference is that when you pass away, the property in the trust will avoid probate. You can also name any guardians of minor children, beneficiaries and all other wishes you may have regarding the distribution of your estate.


Trust Transfer Deed:

If you own your home or other real estate, it is important to transfer that asset into your trust. This is accomplished by recording a deed, transferring the property from you, to you as trustee of the trust agreement. Recording this deed in no way interferes with your use of the property, the mortgage, or your ability to sell the property. Also, your property taxes will not increase from a reassessment of the property value as a result of this transfer.


Pour-Over Will:

This special type of will allows you to avoid probate on property with a value of up to $150,000. This type of will is needed for property that is not appropriate for your living trust or that you otherwise failed to include in your living trust. Property with a value of up to $150,000 will be put into your trust and that property will be distributed according to the provisions in your trust. If that property exceeds $150,000, those assets and those assets alone with require a probate proceeding.


Advance Health Care Directive:

This document designates an attorney-in-fact, or agent, who will be allowed to make medical and health care decisions for you in the event that you become incapacitated. Otherwise, if you are able to communicate your medical and health decisions on your own, then the advance health care directive does not take effect. This document also directs your wishes as to ongoing medical treatment in the event of terminal illness, and whether life support is desired when terminally ill.


HIPAA Waiver:

The Health Insurance Portability and Accountability Act (HIPAA) is a Federal law that protects the private information of healthcare patients. HIPPA prohibits doctors, nurses and other health care professionals from disclosing the patient’s protected health information, without prior written authorization. A patient must waive the protections offered by HIPAA with a HIPPA Waiver that allows the specifically designated “personal representative” to know his/her otherwise private health information. We draft a HIPPA Waiver together with an Advance Healthcare Directive to allow the doctors, nurses and other health care professionals to disclose protected health information so that the agent can make an informed choice about health care decisions.


Durable Power of Attorney for Finances:

This document will designate an attorney-in-fact, or agent, who will be allowed to run your business, and all of your financial affairs, including but not limited to money management and bill paying. If at some point you become incapacitated and can no longer take care of yourself, your designated appointee will have the power to make financial decisions on your behalf. The power of attorney takes the place of a costly, court-supervised conservatorship. The durable power of attorney is valid until your demise, but only takes effect if you cannot make financial decisions for yourself.


Nomination of Guardian for Minor Children:

In the event of your death or incapacitation, this document specifically names a guardian of the person and estate of your minor children. You can also state your wishes for your children’s education and care. This document aides a court in deciding who will care for your children by designating a guardian for your minor children.

Will and trust in Redlands

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300 E. State Street, Suite 620 Redlands, CA 92373

(909) 475-8800

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