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Don't Leave Your Estate In California's Hands

Every adult should have an estate plan. Whether your planning needs are simple or extremely complex, you need a plan that is customized to your assets, your family structure and your goals.

Whether you choose to have a Will or a Living Trust, both provide for the distribution of your estate upon your death. Deciding which fits your needs depends on your specific circumstances.

A Will is a legal document that allows you to choose your beneficiaries and leave them specific items from your estate. You will need to designate an executor to carry out your wishes. In addition, it gives you the chance to nominate a guardian if you have minor children. It is subject to probate and comes into effect upon your death.

As for costs to prepare, a Will costs less than a Trust; however, costs to probate a Will can be substantial.

Even though a Will comes into play upon your death, a Living Trust can start benefiting you while you are still alive. It allows you to transfer substantially all of your property into your Trust during your lifetime and it is revocable, which means you can make changes. It will be used to manage your property before and after your death, as well as provide how your assets will be distributed after your death. If you become disabled or incapacitated, the Trust is in place to manage your financial affairs. A great benefit is that it is not subject to probate and all provisions will remain private.

As for costs to prepare, fund and manage, a Living Trust costs more than a Will; however, it avoids probate costs if all assets were held by the Trust.

If you die without a Will or Living Trust, your estate will be handled and your assets distributed by the court – probably to your spouse or closest heirs. This may or may not be what you wanted.

Estate planning involves difficult decisions about your personal matters. It demands individualized solutions for your objectives.

Whether you’re just beginning the estate planning process, or you need to update an existing plan, contact the Orange County Family Law offices of Holstrom, Block & Parke because we take pride in providing experienced counsel with excellent service in determining the right estate planning tools for your family.

About Dayn Holstrom

Dayn Holstrom is a hard working, compassionate problem solver who welcomes the opportunity to serve you in any way he can. His maximum availability to your questions and concerns begins with your free initial consultation. He is well-seasoned in all matters related to family law and a skilled negotiator and litigator.

Divorce: Emotionally & Financially Devastating

Divorce, custody battles,child support, alimony, modifications or contempt actions can be emotionally and financially devastating for everyone involved.

You need to make financial and logistical adjustments, carefully monitor your legal rights and manage heightened emotions during this stressful time. If you have children, matters can be complicated further. While these issues are basically the same for most couples, you may face very specific concerns according to your unique position.

In California, the only reason needed to end a marriage is ‘Irreconcilable differences’. In addition, California is considered to be a community property state, which means all marital property is split 50/50.

Community property consists of:

  • Home – resident, rental and any vacation properties
  • Motor vehicles, recreational vehicles
  • Financial – bank accounts, pensions, any income earned
  • Other assets – jewelry, household furnishings, art collections
  • All debts incurred

Property not included in the division would be ‘separate property’, which means any property owned before the marriage took place, including an inheritance or bank accounts which was kept separate from marital accounts.

Issues that need to be decided upon include:

  • Spousal support – depending on the length of the marriage, etc.
  • Ability of one spouse to pay the other
  • Child custody, child support, visitation – if there are children involved

At Holstrom, Block & Parke, we help clients throughout Riverside County with a wide variety of child support matters including enforcement and modification issues. We do everything we can to ensure that you receive the maximum level of support available for your children.

We will work to ensure that the income figures are accurate and aggressively argue any special circumstances that might call for additional support. We will pursue every option available to obtain the most favorable possible result in your case.

If you need dependable advice about your options during the divorce process,contact the Riverside Family Law offices of Holstrom, Block & Parke. We focus on you and your family, so you can focus on the future.

About Dayn Holstrom

Dayn Holstrom is a hard working, compassionate problem solver who welcomes the opportunity to serve you in any way he can. His maximum availability to your questions and concerns begins with your free initial consultation. He is well-seasoned in all matters related to family law and a skilled negotiator and litigator.

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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.