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January 2014

HAWKLAW
Achieving Success Together

At the end of last year, was your New Year resolution to create an estate plan for your family, or to modify or otherwise update your existing estate plan? There are some estate planning issues that are far too important to be left unresolved if you are to properly protect yourself and your family. For example, did you know that:

• If you die without a trust, the cost of transferring your property to your heirs through probate can cost tens of thousands of dollars and take years to go through probate? A properly executed trust avoids these costs and the time necessary to transfer your property to your heirs.

• If you do not properly designate who will inherit your property upon your death, the answer is that the State of California, through application of the Probate Code, will make the decision for you? A properly executed trust avoids these costs and the time necessary to transfer your property to your heirs.

• If you have minor children, have your made plans as to who will raise you minor children? A properly executed instrument can provide the Court guidance with you wishes in this regard.

• Do you have an instrument in place to manage your property should you become incapacitated? A properly executed Durable Power of Attorney for Property Management will resolve these issues, without the cost and time involved in having the Court appoint a representative for you.

• Do you have an instrument in place that provides for your medical care and treatment should you become incapacitated? A properly executed Advance Health Care Directive will resolve these issues, without the cost and time involved in having the Court appoint a guardian for you, and will contain instructions as to the health case decisions that you would have made, not someone appointed by the Court.

• Did you know that experience has shown that holding title as "joint tenants" usually causes your property not to be distributed as you thought? The problems that can be created by holding title as "joint tenants" are easily resolved by a properly executed trust, where all of your property is accumulated in one family trust estate, and are distributed as you direct.

Now is the time to follow through on that New Year resolution. Give Bob or myself a call. We would be more than happen to assist you in accomplishing your estate plan goals.

© Blasco & Hawekotte General Counsel Services LLP 2014. All rights reserved.
No portion of this article may be copied, retransmitted, reposted, duplicated or otherwise used without the express written approval of the Blasco & Hawekotte General Counsel Services LLP.

This article is not legal advice and is not intended as legal advice. This article is intended to provide only general, non-specific legal information. This article is not intended to cover all the issues related to the topic addressed. The specific facts that apply to your matter may make the outcome different. This article is based on United States and California law. You should consult with an attorney familiar with the issues and the laws of your state. This article does not create any attorney client relationship.