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Newport Beach Estate Law Blog

How to choose the right executor of a will

When creating a will, you spend most your time making decisions regarding who will receive your assets when you pass on. While this is important, there's a big question to answer: Who will you choose as the executor of your will?

This is the person who is given the responsibility of taking care of your financial obligations upon your death. Duties include but are not always limited to:

  • Distributing assets based on the will
  • Paying taxes and bills for the estate
  • Maintaining property
  • Making any required court appearances

To help children take over a business, celebrate their success

You know that passing your business on to your kids is a serious matter. A lot of companies fail when they lose the influence of their founders and the children do not put in the same time and energy to sustain them. You do not want this to happen to your company, so you focus on training and teaching your children from a young age. You are grooming them to do your job someday.

This is important, and you are wise to give them practical experience as soon as possible. However, experts warn that it is problematic to only focus on rules, creating a strict sense that the children must not fail. You also want to celebrate the successes that the children have.

When succession planning skips a generation

You have worked hard your whole life to build a business. Although your children are wonderfully successful in their own ways, it's apparent that your predecessor lies elsewhere.

All of this uncertainty about the fate of your business goes out the window when your grandchildren arrive. As you stare into their eyes you begin to realize how important it is for your business to stay in the family. You want nothing more than for your grandchildren to have the opportunity to inherit this company that you have molded with your own hands.

Here are the top benefits of living trusts

There are many options when creating an estate plan and no one-size-fits-all solution. While that may complicate the process, it allows individuals to tailor their estate plans to meet their unique circumstances.

Depending on your situation, you may come to realize that a living trust is the best thing for you and your family.

Remember to change an update your will as needed

Creating a will is one of the most important things you can do in life. You don't want to go through life, especially if you reach various milestones, without the legal protection of a will. Furthermore, a will should be updated when you get a job, get married, have children, have grandchildren, get divorced, when other important elements of your family change and when someone close to you in life dies.

Your will should be reviewed every couple of years to make sure the people named in it are still in your life. This is important in two ways: (1) that you still want to bequeath assets to these individuals and (2) that the people you named are still alive.

Estate planning after a second marriage: Things to consider

If you find yourself moving into your second marriage, you'll need to answer a variety of questions regarding your finances and future.

Most importantly, you should review your current estate plan with the idea of making changes that suit both your existing and new families.

Tips for turning your company over to your children

Ever since you started your family business, you have been hoping to turn it over to your kids. It's your legacy, something you can leave to them that you believe can change their lives.

You want this process to go smoothly, so you need to do your succession planning in advance. Here are a few tips that may help:

What is an incentive trust, and do I need one?

Are you putting off your estate-planning efforts in the hope that one of your beneficiaries will develop some financial restraint or learn how to manage his or her fiscal affairs? There is a possible solution that will allow you to quit delaying your estate planning and start the ball rolling.

It's tough to watch family members lead dissolute lives and squander their money. But when the source of that money is your own hard-earned dollars, it's even harder to accept.

Young parents should plan for the unthinkable now

Many young adults don't realize that they need an estate plan to govern what happens if they can't make decisions for themselves or if they become incapacitated. Unfortunately, this oversight can have a negative impact on the people who are close to that young adult. We understand that starting out a life on your own and trying to build up that life can be complicated, but you should take the time to evaluate your goals and set your estate plan accordingly.

One specific time in your life that you need to make sure your affairs are in order is when you have a child. Young parents don't want to think about their children having to grow up being raised by someone else. Still, you need to take an honest look at this because your estate plan can provide instructions for what needs to happen with your children in the event of your incapacitation or death.

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The Soto Law Group
1101 Dove Street,
Suite 200
Newport Beach, CA 92660

Phone: 949-945-0415
Fax: 949-945-0197
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