Timothy Pickart
Law Office of Timothy Cahill Pickart
Contact Timothy Pickart today
(949) 400-3183
Fax (949) 891-0216
email: tim@pickartlaw.com
A Will is a traditional legal document which:
- Names individuals (or charities) who will receive your assets after your death.
- Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will.
- Nominates guardians for your minor children.
Most assets in your name alone at your death will be subject to your Will. Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities. Such assets would pass directly to the beneficiaries and would not be included in your Will.
A Will is a traditional legal document which:
Names individuals (or charities) who will receive your assets after your death.
Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will.
Nominates guardians for your minor children.
Most assets in your name alone at your death will be subject to your Will. Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities. Such assets would pass directly to the beneficiaries and would not be included in your Will
Benefits to Clients
I am committed to keeping my clients fully informed and offering them the guidance and support they need to make good choices between different legal alternatives. My clients always will receive the same dedication and quality of service that brought them to me in the first place.
INFORMATION ABOUT ESTATE PLANNING
Estate planning is a process, which involves making decisions concerning the transfer of one's assets at death as well as various decisions concerning health care, retirement, and other personal matters. It involves people - your family, other individuals and, in many cases, charities of your choice. Also, it addresses your future needs in case you ever become unable to care for yourself.
Many people mistakenly think that estate planning only involves the writing of a will. Estate planning, however, can also involve financial, tax, medical, and business planning. A will is part of the planning process, but you will need other documents as well to fully address your estate planning needs.
What is a revocable living trust?
A Revocable Living Trust (sometimes called a Living Trust, Revocable Trust, Family Trust, Inter Vivos Trust) is a legal document that can, in some cases, partially substitute for a Will. With a revocable living trust, your assets are put into the trust, administered for your benefit during your lifetime and transferred to your beneficiaries when you die - all without the need for court involvement.
Most people name themselves as the trustee in charge of managing their living trust's assets. By naming yourself as trustee, you can remain in control of the assets during your lifetime. In addition, you can revoke or change any terms of the trust at any time as long as you are still competent. However, the terms of the trust become irrevocable when you die.
In your revocable living trust, you will also name a successor trustee (a person or institution) who will take over as the trustee and manage the trust's assets if you should ever become unable to do so. Your successor trustee would also take over the management and distribution of your assets when you die.
A revocable living trust does not, however, remove all need for a Will. Generally, you would still need a Will - known as a Pour Over Will - to cover any assets that have not been transferred to the revocable living trust.
Why Should You Plan Your Estate?
Estate planning is important because it ensures that your wishes will be carried out in the event of your incapacity or death.
You should consider planning your estate if you:
Have a child or children that are minors
Possess property that you care about and want to pass to family members
Care about your future health care treatment
If you meet any of the above descriptions, planning your estate can benefit you in many different ways. Potential benefits include:
Being able to provide for your family.
Deciding guardianship for minor children. In order to ensure that your children receive the education and upbringing you want, be certain that you choose potential guardians instead of leaving it up to a court.
Providing for family members who need financial help or direction. Establishing a trust may ensure that relatives will have the money and aid that they need.
Avoiding probate and make sure that loved ones get property quickly and without trouble.
Planning for your incapacity. Durable Powers of Attorney and Advance Health Care Directives ensure that decisions concerning your finances and health care are made in accordance with your wishes.
Minimizing expenses and possible taxes due to property transfer.
Estate Planning
Estate planning is often undertaken by individuals; however, to plan your estate well, you should find an experienced estate planning attorney to help you through the process. Aside from drafting a will, estate planning takes a lot of work that is often detail-oriented and time consuming. Hiring an estate planning attorney...
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Probate
Probate is a court-supervised process for transferring a deceased person's assets to the beneficiaries listed in his or her Will.
Typically, the executor named in your Will would start the process after your death by filing a petition in court and seeking appointment. Your executor ....
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Business Planning
Estate planning and business planning often go hand-in-hand. This is because for many individuals and families, a business represents their most valuable asset. ...
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Trust Administration
Losing a loved one is a traumatic experience. Making important financial and legal decisions while grieving is extremely difficult. Unfortunately, tax planning does not stop at death. The estates and trusts that receive the assets of decedents present their own separate tax issues. ...
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