Assets, Estate Planning, Heirs, Inheritance

Estate Plan Costs

Posted on by Skvarna Law
How to contain estate plan costs
20
Sep

Generally, a more complicated estate plan (for example, a plan that includes continuing trusts, tax planning, or asset protection planning) will cost more, as it requires more time to prepare and a more experienced attorney. We caution you, however, from creating an estate plan that is overly simplistic and does not fully align with your goals just to save money on legal fees. A good estate planning attorney can recommend the “just right” estate plan to fit your needs without overcomplicating things and charging unnecessary fees for tools and features you do not need. 

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Assets, Beneficiary, Heirs, Inheritance, Probate

Automatic Inheritance Laws

Posted on by Skvarna Law
Automation Software Technology Process System Business concept.
13
Sep

Another issue with relying on state law is that none of the transfers to your loved ones happen automatically. Your family must open a probate estate with the court and go through the process specified in state law before your property can transfer out of your name and into theirs. This process can be long and costly. It is also public. Many people prefer that an inventory of their property and the details of their family stay out of the public eye. Perhaps the best way to keep your matters private is by creating and funding a revocable living trust while you are alive and have the legal capacity to do so.

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Assets, Beneficiary, Joint Property, Joint Trusts, Trusts

Joint Property Perils

Posted on by Skvarna Law
rear view of young couple looking at their new house
06
Sep

If you designate someone as a joint owner and you die, you cannot control what they do with your property after your death. Perhaps you and your adult child co-owned a business. You may state in your will that the business should be equally shared with your spouse or divided between all your kids; however, the rights of joint owners take priority over the terms of your will, meaning the joint owner will now have full ownership and control over the property.

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Assets, Beneficiary, Celebrity Estates

3 Celebrity Pet Trust Cases

Posted on by Skvarna Law
A fashionable female Poodle dog posing as a charismatic diva, stylish and classy, dressed like a rich and elegant human celebrity
30
Aug

In a four-legged, furry version of the classic rags-to-riches story, wealthy Italian widow Maria Assunta rescued a stray cat from the streets of Rome and gave him a proper home and name: Tommaso. As Assunta’s health failed, she tried for several years to find an animal organization to entrust Tommaso with. When they could not find a suitable organization, Assunta left her $13 million estate directly to the cat. In fact, in her will, she named her nurse as caretaker. She died in 2011 at age 94. She knew that doing so would ensure caretakers would take care of her beloved Tommaso. 

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Assets, Beneficiary, Estate Planning, Trusts

Residuary Beneficiaries

Posted on by Skvarna Law
residuary bequest word or concept represented by black and white letter cubes on a grey horizon background stretching to infinity
26
Aug

It is not unprecedented for a family to discover a high-worth asset such as artwork or sports memorabilia that belonged to a late relative but was not part of their estate plan. It is also possible that an asset not thought to be valuable turns out to be worth a great deal of money. 

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Assets, California Law, Estate Planning

Without Your Spouse: Estate Planning

Posted on by Skvarna Law
estate planning sans spouse
16
Aug

A power of attorney addresses who can act on your behalf for financial and medical matters. In some cases, a power of attorney takes effect only if you are unable to manage your affairs; at other times, it can take effect immediately. A power of attorney can be general and grant another person broad authority to handle your affairs for you, or it can describe only those specific matters you want another person to handle on your behalf. 

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Assets, Estate Planning, Heirs, Inheritance, Trusts

Conditional Inheritance

Posted on by Skvarna Law
Accept Terms of use concept. Businessman reading terms and conditions of website or application then click button to go Next Step progress. Tick check mark for agree to contract term and condition.
09
Aug

When raising children, most parents hope to shape their children’s behaviors, provide them with specific values, and help them become productive members of society. Parents often use a “carrot and stick” approach to get the desired outcomes, incentivizing approved actions with rewards and discouraging unapproved actions with punishments. 

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Estate Planning, Estates, Trusts

Don’t Let Your Estate Plan Go Up in Smoke

Posted on by Skvarna Law

As we get older, it is inevitable that we become more aware of our mortality. Reflections on life and death do not necessarily have to be morbid. They can also prompt us to take actions that focus on our legacy. Caring.com found that, in 2024, 43 percent of adults over age 55 have wills—down from 46 percent in 2023 and 48 percent in 2020

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Assets, Estate Planning, Inheritance, Trusts

Estate Planning Priorities

Posted on by Skvarna Law
Hand with marker writing the word Priorites
19
Jul

Many people want their loved ones to avoid the probate process because it can be expensive, time-consuming, and public. It can also be difficult for a loved one to manage while they are grieving. However, some people appreciate having a neutral third party (the judge) oversee the winding down of their affairs in the event there may is a conflict.

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Assets, Estate Planning, Heirs, Inheritance, Trusts

Addiction & Estate Planning  

Posted on by Skvarna Law
Young man with hands clasped together addiction
12
Jul

Estate planning often involves dealing with difficult situations. Putting off thinking about these decisions is not the solution. By delaying making plans for how best to care for an addicted loved one when you are no longer around, you risk losing an opportunity and control that can further complicate matters. 

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