Stokely Estate Planning Law Firm

True or False?

False. Estate planning is a dynamic process that should be revisited and revised as needed, especially when your circumstances, preferences, and priorities change. It is important to review and update your plan to ensure that it is in line with your goals. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information. To know more about estate planning, call us at (714) 400-2466.

True or False?

FALSE! Having a Power of Attorney granted to your spouse is not a substitute for a will or any other estate planning document. Aside from their different purposes, there are certain aspects in estate planning that a Power of Attorney cannot cover. Matters such as medical decisions, end-of-life care, guardianship, and distribution of assets are written in separate documents serving distinct purposes. It's always advisable to consult with an attorney to protect your interests and loved ones. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information. #LawyerLife #Attorney #EstatePlanningAttorney #EstatePlanning #OrangeCounty #California

False! The best thing you can do is put your real property in a trust. This will likely result in them getting a step up in basis upon your death which means, less taxes being paid upon the sale of the property! Have more questions? Contact the Stokely Estate Planning Law Firm at (714)400-2466 or send a DM to schedule your #free consultation. #tuesday #tuesdaymotivation #orange #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment #realestate #homeowner #homeownership #property #tax *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False. You should NOT name a third party (whether it’s the guardian you’ve nominated or a beloved family member) as the beneficiary of your life insurance policy for your minor child’s benefit. Why? Because once the beneficiary has been given those funds, they have no legal duty to use it to benefit your minor child. While directly naming your minor child as a beneficiary is also not advisable (the insurance company cannot simply distribute it to your minor child), there is a way you can still make sure the benefits are used solely for the benefit of your child! You can use a trust to receive those funds, control how the funds are used while your child is a minor, and when they are finally distributed to your child (once they become an adult). If you need more information about this process, contact the Stokely Estate Planning Law Firm to assist you. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False! Your child still needs to be appointed as your attorney-in-fact under a durable power of attorney to make financial decisions on your behalf should you lose capacity. Your durable power of attorney can be made to be effective only upon your incapacity-standing by to be used only when needed. Questions? Contact the Stokely Estate Planning Law Firm today! Call (714)400-2466 or use the link in bio to set up your appointment. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False! It doesn’t matter whether your house is paid off, you still need to put it in a trust to avoid probate. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

True! ✅ Probate fees are stated in Probate Code Section 10810 (for ordinary services). The amount is based on a sliding scale of the total value of the estate. The fees may be due to both an attorney and an executor and can be higher if extraordinary services are required. 🌟Avoiding probate fees is possible! 🌟 Contact the firm today to discuss your estate plan and help your loved ones avoid probate fees. #estateplanning #thursday #true #trueorfalse #truth #california #cali #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

True! If you don’t have an estate plan, the state has one for you but it is likely not one that you’d prefer. It’ll usually require your family going through probate (a long and expensive process), a judge who knows little about your family making decisions about your minor children’s futures, and persons receiving your property without your preference as to when and how much. Questions about how to create an estate plan? Call the Stokely Estate Planning Law Firm for a free consultation. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

True! When your will is submitted to probate court, it becomes a matter of public record. If you have privacy concerns, consider having a trust to keep your financial assets (and liabilities) private. #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment #thursday #thursdayvibes #privacy *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False. You may designate a trustee who is not a beneficiary. This is especially important when your beneficiaries are minors, have special needs, or are financially irresponsible. #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment #trueorfalse #true or #false #friday #itsfriday *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False. Leaving money directly to your close relative does not place a fiduciary duty on them to use it to take care of your children. This means they control the funds and can spend it in whatever manner they choose without being liable to your children. Fortunately, you have other options to make sure that the funds from your life insurance policy are used solely for your children. Contact the firm today to discuss these options to protect your children. #wednesday #lifeinsurance #insurance #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

This is true if you create a trust! With your trust, you can specify what age, how many stages, and what conditions are required for the distribution of money or assets for your children. Questions? Call or DM! #trueorfalse #truth #truthtuesday #estateplanning #estateplanninglawyer #estateplanningattorney #legacy #will #trust #taxplanning #generationalwealth #probate #estateplan #attorney #womanownedbusiness #willsandtrusts #lawma #womeninbusiness #womensupportingwomen #momboss #womenempowerment *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

Happy Friday! Just a quick reminder for y’all! 😁 >>You’re not too young.<<<

True! A pour over will is usually created along with a trust so that anything that is inadvertently left out of the trust at death will be “poured” into the trust and distributed to the selected beneficiaries. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

Without an estate plan, your estate will likely have to go through probate. Which means your estate could incur executor fees, attorney fees, court costs, etc. More fees paid means less money for your beneficiaries. Don’t let this happen to you and your loved ones! #flyingmoney #funnyfridays *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False! A person will not be automatically designated as your child’s guardian just because they are a godparent. A judge will consider the current circumstances and the evidence presented to them. Having a nomination of guardian in place provides the judge with a clear understanding of who you desire to take care of your children. Otherwise, they can only decide based on what they currently see and they may not choose who you would want to be your child’s guardian. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

Did you know?? Let’s talk about what you’re leaving behind and who you are leaving it to. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

Are you wondering what a trust can do for your family? Here are some important benefits! *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

Answer: False. Once your child is an adult, you are not automatically granted the right to make decisions on their behalf (should they lose capacity), even if you provide financial support for them. This means that you may not have access to their medical records, financial records, or other private information - even if they need your assistance. Your family can avoid such difficulties by having estate planning documents executed for your adult child (such as an advanced health care directive, a power of attorney, and a HIPAA authorization). Call or DM to discuss your options. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.

False. A revocable trust can be revoked - meaning the trust creator maintains ownership of the assets. Therefore, it does not ordinarily protect YOUR assets from YOUR creditors as long as it’s revocable. However, a revocable trust has many uses, contact the firm to find out how it can help you and your family. *For informational purposes only and not to be construed as legal advice or the formation of attorney-client relationship. You should seek legal counsel before taking any action relating to this information.