Posts categorized “Wills”

San Diego Parents! Are Your Children Protected and Provided for if something happened to you?

From the desk of San Diego Trust Attorney, Kristina Hess…

 

Hello San Diego Families,

I want to personally invite you to our upcoming workshop:

7 Easy Steps You Must take to Protect Your Child Should Something Happen to You!

Join me, San Diego estate planning lawyer, Kristina Hess and mother of three, for a free workshop on living trusts, wills, and child guardianship planning.

You will discover:

  • The most common mistake parents make when choosing guardians 
  • How to avoid being one of the 60% of parents that do not have a plan in place
  • What documents you need to make sure your child never ends up in the arms of strangers
  • How to leave your assets to loved ones so that it is protected from creditors, divorce, and other threats
  • How to leave a legacy that lasts… and much more

Bring the family, the kids will jump and play while the parents learn from attorney Kristina of KR Hess Law in the party room.

Refreshments will be provided for all.

What:  Free Educational Workshop on Legal Planning for Busy Parents

When:  Saturday, June 22, 2013

Time:  9:30 a.m. to 11:00 a.m.

Where: Pump It UP Sorrento Valley, the inflatable party zone

 

You must register as space is limited to 10 Families by going online to www.krhess.com/events

or by calling 858.461.6844

See you there!!

Kristina

Number One Reason Why Living Trusts “Fail”

From the desk of San Diego estate lawyer, Kristina Hess Haymes

San Diegans, you may have heard that the only foolproof way to avoid your loved ones having to pass through the time consuming (think 1.5 years if no contests and everything runs smoothly), public, and expensive San Diego Probate Court process is to set up a Living Trust.

This is correct, but ONLY if the Living Trust is “fully funded.”  A fully funded living trust means that all of the assets that can be owned (e.g. real estate including rental properties, bank accounts, stocks, bonds, brokerage accounts) are “owned” by the Trust.  The assets do not become “owned” by the Trust automatically!

Just because you list your assets on an attached “Schedule A” does not mean the assets are “owned” by the Trust.  You have to actually sign a deed transferring your real estate into your living trust.  You must sign new signature cards at the bank and re-title investment accounts in the name of your Trust.

And so what happens?

You set up a trust, perhaps your lawyer had you sign a deed putting your real estate into the Trust.

But then, a few years later, interest rates drop and so perhaps you refinance your home.  The mortgage lender requires you to take your home out of the trust in order to finance the loan on the property.

Bam!  You sign a deed transferring the home out of your trust and then you forget to put it back into the trust when the refinance is done.

So, what happens?

Maybe someone dies suddenly a few years later.  All of a sudden you have an unfunded trust.

The Living Trust that you set up to avoid probate court, must now go through a probate petition to put the house in the trust.

Granted this probate petition is less expensive and time consuming than a full blown Probate where there was no living trust, but it is still going to cause an additional expense, court involvement, time,  that could have been avoided.

Alternatively, perhaps you bought a rental property but did not list the rental property on your Schedule A and also did not put the rental property into the name of your Living Trust.

If you die, this house will have to go through the full probate process costing your heirs thousands and thousands of dollars.

We have seen this quite frequently.

So, yes, set up your living trust, but make sure your plan will work when the time comes by making sure your trust is fully funded and those assets are properly owned throughout time.

Make sure your plan will work when your loved one need it and your Trust doesn’t FAIL!

To your success,

Kristina Hess Haymes

San Diego Trust Attorney and

probate attorney

Haymes Law Group provides estate planning, legacy videos and more

May 19, 2011

By Karen Billing, Staff Writer
Carmel Valley News, Spotlight on Local Business

Attorney Kristina Haymes wants to make sure that people prepare the best they can for life. She has first-hand experience of how estate planning can go wrong—as a lawyer, she’s seen the ugly aftermath of families divided over absent planning documents, and personally she felt the frustration and pain when her own father died suddenly with his wishes left unclear.

Now her Carmel Valley Haymes Law Group provides estate planning for growing families—setting up trusts, wills, advance directives, power of attorney and plans to protect children.

“It’s really a privilege to meet with people and talk about very important topics and plan for their future,” Haymes said. “Sometimes when you stop and think about the end, whether that’s tomorrow or 40 years from now, it makes people reflect on how they want to live their lives today. If you take the time to do that, people can make a positive difference in their lives.”

Haymes lives in Carmel Valley with her three sons, Jarod, Cristian and Aaron. Raised in San Diego, she attended San Dieguito High School before heading off to UC Santa Barbara and UC Berkeley Law.

Right out of law school she got a job at a big firm in San Francisco, where she stayed for five years.“I didn’t enjoy the big firm,” Haymes said, noting it just seemed to revolve around billable hours. “I didn’t have a sense that I was helping people.”

Haymes felt most at home when she started working with Personal Family Lawyers in 2009, a nation-wide group that most reflected her passions and philosophy toward law.

The group has no hourly billing just a flat fee and stresses being a personal, local family lawyer and not just someone you see once to fill in the blanks on the necessary paperwork.

“The goal is to have a lifetime relationship with the client, to be someone they can turn to and trust,” Haymes said.

Her job includes having conversations with clients that can be very confidential and emotional, about the things that matter most in life. A unique part of her offerings is her legacy videos, where clients record a video talking on different points about what they would like their loved ones to know when they are not around.

That kind of information can save a lot of money, minimize estate taxes, avoid probate and family fueding, but it also protects intangible wealth. Clients are passing on their stories, values and wisdom—sometimes money passed down without wisdom isn’t worth much at all, Haymes said.

Haymes also offers Personal Family Lawyers’ trademark Kids Protection Plan, designating both a long-term and shortterm plan for children when something happens to their parents. The plan gives specific guidance to how clients would like their children to be raised in their absence.

“No one will raise your children like you will but if you don’t make choices that are legally binding, often times it is left up to a judge to decide,” Haymes said.

Haymes Law has a special running until June 15—any mom who makes an appointment for a complimentary, two-hour family wealth planning session will get a free manicure and pedicure. For more information, call (858) 794-1426 or visit krhess.com.

Additionally, Haymes also wrote a chapter in the recently released book, “More than Money: How to Leave a Lasting Legacy to Your Family.” Haymes Law Group is located at 12707 High Bluff Drive, Suite 200.