Estate Planning Lawyers for Dana Point residents

Welcome to MORTENSEN & REINHEIMER, PC, a premier Estate Planning law firm serving residents of Dana Point, California. We advise clients throughout Orange County on designing and implementing wills and trusts, as well as probate administration.  Our objective is to provide each of our clients with the information and resources they need to protect their assets and take care of their loved ones.

All estate plans should include the following important estate planning instruments: a living trust, a durable power of attorney for finances, a power of attorney for health care, and a pour-over will.

Revocable Living Trusts

A living trust refers to a trust that may be revocable by the trust creator or grantor. Living trusts are often used because they may allow assets to be passed to heirs without going through the process of probate. Living trusts also can be utilized to plan for unforeseen circumstances such as incapacity or disability.  Living trusts in practical terms, tend to be driven to large extent by tax considerations. If a living trust fails, the property will usually be held for the grantor/settlor on resulting trusts, which in some notable cases, has had catastrophic tax consequences. A living trust is not under the control and supervision of the probate court, and property held by such a trust is not part of a descendant’s probated estate.

Pour-Over Will
A “pour-over” will works in conjunction with a trust.  The “pour-over” will is a safety net in the event that an asset in your estate has to be probated because it “pours” the asset back into your trust at the end of the probate. So, if you forget to put an asset into your living trust, or if the asset is worth more than $100,000, it will have to be probated. However, your executor will be directed to distribute the money or property according to the terms of your trust, not in accordance with the intestacy laws of California.

Power of Attorney
A power of attorney or letter of attorney is an authorization to act on someone else's behalf in a legal matter. The person authorizing the other to act is the principal, granter or donor (of the power), and the one authorized to act is the agent or the attorney-in-fact. 

California Advance Health Care Directive is a combination of what is sometimes called a living will and a power of attorney for health care.  An Advance Health Care Directive accomplishes two different goals within one document: (1) The Advance Health Care plans for your medical treatment if you ever become incapacitated, and (2) the Advance Health Care Directive allows you to provide instructions on what lengths your doctors should go to if you are in a terminal condition with no hope of recovery.  Through your directive, you can tell doctors as well as family members what types of medical treatments should be used or withheld, including treatment for pain relief, and whether or not you want feeding tubes or artificial hydration.

As to a power of attorney for finances, when a principal requests a securities broker to perform extensive investment functions on the principal's behalf, independent of the principal's advice, power of attorney must be formally granted to the broker to trade in the principal's account. This rule also applies to principals who instruct their brokers to perform certain specific trades and principals who trust their brokers to perform certain trades in the principal's best interest.

CONTACT US
MORTENSEN & REINHEIMER, PC serves individuals and families with their estate planning, trusts and probate needs.  Our firm is dedicated to providing each of our clients with a high level of personal attention in the preparation of their estate plan.   we typically build long-term relationships with our clients.  We utilize a combination of tools to document your wishes, protect your estate from over-taxation and government interference, and provide for your loved ones.  Our primary aim is to ensure that your estate plan accurately reflects your desires and also safeguards your wealth. 

To learn more about our estate plans, living trusts and probate services call MORTENSEN & REINHEIMER, PC at (714) 573-7149, or e-mail us at info@ocestateplanning.net.  We will immediately contact you to set up a free initial consultation.