Tuesday, January 19, 2016

Does a young married couple need a comprehensive Estate Plan?


                Maybe not.  There are  Statutory and Do-It-Yourself forms for a basic Will, Power of Attorney and Advanced Directive provided by the State of California.   You can avoid Probate when the first spouse dies if you hold your real estate and accounts as Community Property with rights of survivorship.  Also make sure your spouse is on all of your accounts as either a joint account holder or as a beneficiary.  These steps won't avoid Probate if you both die at the same time - which is a low probability event - and in which case Court supervision may actually help.    

              Who DOES need a comprehensive Estate Plan?  There are several situations where a more advanced Estate Plan is necessary:

    • If you have children from a prior marriage that you want to provide for, apart from your current spouse.

    • If you have substantial separate property (from inheritance or prior to marriage) that you want to distribute to someone other than your spouse

    • If you have a child with Special Needs.

    • If you are married to a foreign citizen.

    • If you and your spouse have more than $11 million.

    • If you own a business and you have specific plans as to who will take over or how it should be run.

The Tonkovich Law Firm assists clients with Estate Planning, Wills, Trusts, Durable Powers of Attorney, Conservatorship and Contested Probate Procedures and Business and Real Estate Litigation in Irvine, CA as well as El Toro, Aliso Viejo, Lake Forest, Laguna Hills, Tustin, Newport Beach, Santa Ana, Newport Coast, Ladera Ranch, Foothill Ranch, Mission Viejo, Laguna Woods, Corona Del Mar, Silverado, Orange, Laguna Beach, Rancho Santa Margarita amd Fountain Valley in Orange County.

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