For those of you who watch Desperate Housewives, Sunday’s episode was very sad as everyone gathered for the funeral of Mike Delfino.

As I was watching Sunday’s episode they flashed back to a scene where Mike and his wife Susan were discussing their wills; they had just had one drawn up, and Susan had reservations about signing them. She said it might jinx things, and besides they were young and had plenty of time to address this issue at a later date. In the end, Mike finally did convince Susan to sign the will.

Turns out Mike did not have plenty of time, but he did make sure his wife and son were taken care of in case of his untimely death.

Life can be very unpredictable; do not put off your  estate planning any longer. If you would like a free consultation with one of our attorney’s please contact Falk, Cornell & Associates  at 650-436-1550 or visit our website at www.falkandcornell.com 

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.

Just a couple weeks ago over 2 billion people all over the world watched the Royal wedding. And it got me thinking. Weddings, new births, and divorces are all big life changing events, and they can all affect your wishes as to who will inherit your property when you pass away.

Have there been any recent weddings or births in your family? If so you may want to consider reviewing and/or updating your estate plan or creating one if you haven’t already.

And not everyone gets married. For the many couples out there who don’t want to marry, you should be aware of the consequences this can have when they die. No automatic benefits are reserved for co-habitants the way they are for spouses and domestic partners. Also, a lot of people may not realize that California does not recognize common law marriage so, though you may have lived with your partner for many years, it doesn’t mean either of you are automatically entitled to something when the other dies.

So, if you and/or your partner want to make sure the other will inherit something from you, then perhaps you should consider doing some planning.

Depending upon your situation, and especially if you own property or have minor children, you should consider setting up a trust, or at the very least a will, so that your estate passes as you desire. And if you already have a plan in place, you may want to consider reviewing it to make sure it still serves your needs.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.

Is a trustee free to do whatever they want? For instance, can trustees make changes to a trust? I was recently asked these questions by a family member and I think it is worth explaining as many people are probably wondering the same thing.

First, whether or not changes can be made to a trust depends on whether or not the trust is revocable. Some trusts are irrevocable when they are created; an example is an Irrevocable Life Insurance Trust. A trustor (also known as a grantor or settlor) is the person who sets up a trust. Often, trustor(s) act as trustees of their own trust during their lifetime. On the other hand, if the trust is revocable, then the trustor can make any changes they want to their trust during their lifetime, and can even revoke it entirely. If the trustor is not acting as trustee of their own trust they may have to notify the trustee of any changes they make (depending on the terms of the original trust), but only the trustor has the power to change the terms of the trust.

Once the trustor either passes away or becomes incapacitated, whoever is designated as the successor trustee(s) would step in to administer the trust. It is the trustee’s duty to administer the trust according to its terms. Also, once the trustor(s) passes away, the trust becomes irrevocable, thus no further changes can be made to the trust except in rare circumstances and only by court order. So the answer is no–trustees’ powers are limited by the express terms of the trust and only the trustor(s) who created the trust has the power to make changes.

Falk, Cornell, & Associates, LLP is a member of the American Academy of Estate Planning Attorneys.