Irvine, California, located in Orange County, was once voted as the fourth-best place to live in the nation by CNNmoney.com. It’s a city that continues to rank in the top best places to live lists in the United States and frequently makes the lists of safest cities.
Irvine, California, is home to many well-known companies like Blizzard Entertainment, Taco Bell, and Samsung. Irvine is also one of the richest cities in the US, with a population of over 65,000.
Irvine is also home to a variety of businesses, especially those involved with technology and information. Here you’ll also find several higher education universities, such as Concordia University and the University of California, Irvine.
According to the most recent Census, this city has a population of over 212,375. Of this population, 96.9% live in households, and 33.8% of those households have children under the age of 18 living in them. The average age of the residents of Irvine is 33.9 years.
The city contains over 78,000 households, with half of them being made up of opposite-sex married couples living together and .6% are same-sex married couples or partnerships. 4.1% of the households belong to unmarried opposite-sex partnerships, and 23% of the households are made up of single individuals.
Families make up over 60% of the households, with an average family size of 3-4 people. The median household income of Irvine is $91,999, almost $30,000 above the national median.
The most common job types for those living in Irvine are management occupations, sales and related occupations, and business and financial operations occupations. Irvine also has a high number of residents working in the computer and mathematical occupations, architecture and engineering, and social science occupations.
In popular culture, estate planning is often shown as something that only the richest families need to worry about. However, most families can benefit from estate planning. If you have significant assets, your family could benefit from a clear-cut plan for those assets after your death.
Some people leave estate planning for once they hit retirement age. However, it’s never too early to begin planning.
If you feel overwhelmed by the idea of planning for your estate, you can take a simple first step. Make a comprehensive list of all of your significant assets.
Your list should include vehicles, real estate, bank accounts, cash, and any valuable property, like art collections. Having a list in front of you makes it easier to decide how you will distribute those assets among your loved ones. It will also prevent you from forgetting anything important.
Once you have a list of your assets, it’s time to decide how they can best be deployed to support your family’s needs after your death. This might also include guardianship designation for your children, to make sure they will be raised by someone you trust.
Deciding on your beneficiaries is the next step. Your immediate family should be listed as beneficiaries on your bank accounts and other insurance policies. If you have divorced or married recently, you might need to update some accounts.
You can also note planned beneficiaries for smaller assets, like collectibles or items with sentimental value. This is information that can go in your will later.
When you’re ready to begin the legal aspect of estate planning, contact an estate attorney who can help you make the best use of your assets.
Taking care of your estate is an important part of financial planning, but it is sometimes overlooked. An estate plan has many benefits for your family and for your own peace of mind.
The main purpose of a plan is to ensure your final wishes are followed. Without a formal will and other documents, your estate will go to probate court and a judge will make decisions about your property. Meticulous estate planning will limit the role of probate court in your affairs and help things run smoothly.
Without a will, the state determines how to distribute your assets. When your wishes are clearly outlined in a will, however, the executor will be able to ensure they are followed. There’s also less likelihood of disagreements among your loved ones.
A quality estate plan will also speed up the process of settling your estate and make sure your beneficiaries get access to assets as soon as possible. An Irvine estate planning attorney will be able to help you put together a plan that
Estate plans are one of the best ways to make sure your family will be provided for after your death. For example, you can set up a college fund for children, or leave your retirement account to a spouse.
The specificity of a will lets you allocate property and money to your family members and prevent arguments or disagreements. You may also be able to avoid certain taxes or fees by using a trust to transfer assets.
For the best results from your estate plan, get professional advice based on your unique finances. An attorney can make suggestions that will make the most of what you have and distribute them most effectively.
Every plan is different, and depends on the size of your estate and your needs. There’s no one way to approach your estate plan, but there are a few documents that appear in most of them.
Your will is the guiding document of any estate plan. Here, you can outline your final wishes, bestow assets onto friends and family, and establish guardianship for any children you might have. Wills are especially useful for establishing beneficiaries for assets like real estate, cash, and personal property.
Trusts are another document commonly used in estate plans. They allow you to transfer assets easily, avoiding probate court. This is a good way to pass on money or assets to young friends and relatives, because you can add stipulations to how the contents are distributed.
Many people use living trusts, because they allow you to keep ownership of the assets included in the trust for the rest of your life. After your death, the trust will be transferred seamlessly to the beneficiaries. Some trusts can help you avoid taxes and other fees, and an attorney can help you select the best options.
If you have minor children, guardianship designations are another important document to include. These allow you to formally state the person or people you want to take care of your children if both you and the other parent are deceased or otherwise unable to care for them.
Some people choose to include power of attorney (POA) in their estate plans. Your POA should be someone that you trust to handle your personal affairs. There are several kinds of POA, but two of the most common options are for the areas of finance and health.
If you already have an estate plan in place, it may be time to update it. Life events and changes to the law are two good reasons to do so. Experts recommend updating your plan on a regular basis.
When there are major changes to your family, you should check your estate planning documents and update the people mentioned. For example, in the case of a divorce, death, or marriage, you may have to add or remove people.
Local law has a big impact on estate planning. When laws change, you’ll need to update your plans to reflect those changes. This includes tax laws, but also laws around trusts and power of attorney.
Similarly, if you move states, you should have a local attorney look over your plans as they exist. Without an update, your documents could be rendered invalid.
Your estate plans are most effective when they are up-to-date. If you want to be diligent, set up a schedule and check them every five years or so.
With more than half of the households of Irvine consisting of families, it’s important to prepare for the future and work with an experienced Irvine wills and trust attorney.
Estate planning is essentially creating a plan for the transfer of your property and assets after your death. Your estate consists of all the property you own.
While many people believe that estate planning should only happen after you retire or when faced with a terminal illness or injury, the reality is that an accident or other situation can arise without warning. The prudent thing is to have the documents in place before they are needed.
Estate planning is best done by an experienced estate planning lawyer in Irvine while you’re legally competent and in good mental health. Your estate plans should be reviewed and updated throughout your life.
An Irvine living trust lawyer can help you make a plan catered to your individual needs to determine who will inherit from you and who will settle your affairs when you’ve passed away.
If you don’t work with an Irvine wills attorney or create a written will or trust, your estate will go through probate where the court will decide who inherits your property.
An Irvine wills lawyer will help you ensure that your family is taken care of and won’t have to go through a financially and emotionally draining probate process.
If you own your home or any other real estate or have more than $150,000 in assets, your estate will be subject to probate if you do not have a will or trust. Probate will determine who is the rightful heir to your estate.
Instead of letting the courts decide for you, it’s best to ensure your family’s future by working with an Irvine probate attorney who can help you ensure who gets your property.
However, if you’re already going through a probate process or will soon, you need the help of experienced Irvine probate lawyers that can help expedite the process through the court system.
Trustees typically have a lot of responsibilities after someone has passed away. An experienced trust administration lawyer in Irvine, CA can help guide the trustee through the process and assist with collecting the assets and distribution.