There’s a lot of work involved to close out someone’s estate, a fact that is often discovered once the personal representative is knee deep in paperwork and process. Each person who writes a will in California has the opportunity to name who they want in this important role, and this is a consideration that is… Read More »
Blog Posts
Are Elders at Risk of Power of Attorney Scams?
A power of attorney is an important and entirely legal document that allows you to name someone to serve as your agent under certain circumstances. As your agent, this person can sign documents on your behalf and take on other financial management tasks. The elderly population, especially those suffering from cognitive issues, are at risk… Read More »
What is a Needs Assessment and Why Is it Important?
Are you an adult child caring for a loved one or are you curious about putting a spouse or other family member in assisted living or a nursing home? These decisions are notoriously difficult and are compounded by the language and jargon associated with these kinds of transitions. When seeking out the right residential location… Read More »
How to Balance Your Retirement with Your Estate Planning Needs
Both for the purposes of planning for your own retirement and longevity and for ensuring that your loved ones receive assets valuable to them once you pass away, it’s a good idea to think about the type of funds you’ll need in retirement. You’ll need to focus on spending rather than income to determine what’s… Read More »
What Happens to Cash Accounts Owned by an Estate?
When a loved one passes away with cash inside their accounts, what happens to these funds next depends on how the accounts were held. If the individual owned that account in their own name and failed to designate a payable on death beneficiary, then the account most likely needs to go through the probate process…. Read More »
What Assets Are Not Affected by State Intestate Succession Law?
Intestate succession refers to the process of how the courts determine who receives what in a loved one’s estate when that individual passes away without a will. This determines both how an individual be appointed to administer the affairs of the estate and who is eligible to receive assets within the estate. However, not all… Read More »
Is It Legal for a California Trustee to Charge for an Accounting of the Trust?
California trustees are those individuals who have been appointed upon the creation of a trust to administer the trust. Trustees in California are eligible to charge a reasonable fee for the services they provide in this role. Circumstances will dictate what counts as reasonable. Being a trustee is a significant role. If there’s someone in… Read More »
Can a Beneficiary of My California Will Also Be a Witness?
For your will to be valid, it needs to be signed. Having a witness there to be able to attest to the circumstances of the signing process helps support the document’s validity. A witness is important especially if someone alleges that your will is invalid in the future. A witness who is also a beneficiary… Read More »
When Can I Revoke a Living Trust in California?
Most people turn to a revocable trust because of the flexibility it provides. This means that you can choose to update the terms of the existing trust or to completely revoke it and eliminate its existence. Unlike an irrevocable trust, a revocable trust exists at the very discretion of the creator and can therefore be… Read More »
Without a Will, Who Gets My California Estate?
If you have a properly executed will, this document speaks for you after you pass away when it comes to decisions about who gets your assets or who will serve as the guardian for your minor children. If you don’t have a will, however, these important decisions are handled by the California courts. This process,… Read More »
What You Need to Know About Valuing Assets Inside an Estate
When your estate gets settled with the support of a personal representative or executor, date of death values must be established for the assets inside that estate. While you can include appraisal records for valued items at the time you create your will, but this will need to be done again by a personal representative… Read More »
What Is the First Step in Settling My Probated Estate?
You might have questions about what your personal representative or executor would need to do when you pass away. This important person has the responsibility of ensuring that your estate goes through the probate process as quickly and as streamlined as possible. The first step in this process is to determine whether or not the… Read More »
How Much Should a Successor Trustee Be Paid?
A successor trustee is a person who steps in to control the management of a revocable living trust in two different circumstances. The first of these is when the grantor has become incapacitated and is no longer able to manage the trust on their own. The second circumstance involves the death of the individual who… Read More »
What to Include When Gathering Information for Your Will
You can’t make plans for distributing your property until you’re clear about what property you own. The first step in deciding how your property will be distributed in the future is gathering information. You’ll need details associated with anyone who is named into your will, such as a proposed guardian, a spouse, children, executors, or… Read More »
Can Grandparents Use a 529 Plan to Pass on Educational Support?
Contributions to a 529 college savings accounts might be a popular avenue for grandparents to use to provide support and inspiration to their grandchildren. These college savings account can be used as a way to reduce potential estate taxes, transfer wealth, and support a loved one’s educational goals. Simply having any money established in a… Read More »
What Kinds of Property Cannot Be Left Within a Will?
Wills are the cornerstones of most estate plans because they are inexpensive and simple ways to address the vast majority of people’s estate planning needs. However, a will cannot help you accomplish everything in the estate planning process and there are some things that you should consult with an experienced estate planning lawyer about to… Read More »
Three Art Collection Considerations for Estate Planning
Many people have personal collections about which they are very passionate. These could include stamps, coins, art, or even other items that have a significant sentimental or monetary value. Regardless of the total overall dollar value of the collection, it should be thoughtfully incorporated into your estate plan. Making these arrangements well in advance can… Read More »
Should I Move My Business Interests into a Living Trust?
If you own a business, it must be thought of as a unique aspect of your estate plan. With the help of our Pasadena business succession planning lawyer, we can help you see how the company impacts your individual plan. Tying up the matters of an open small business during probate can be catastrophic. This… Read More »
Should I Choose a Successor Trustee?
When creating a living trust for the purposes of avoiding probate, it’s a good idea to name someone as a successor trustee. You are the primary trustee, meaning that you have the ability to make changes to the trust, dissolve the trust, and move assets in and out of the trust. A successor trustee, however,… Read More »
How Do I Revoke a Will in California?
There are many different things to think about in the context of updating your estate plan, but one of the most important is to consider what to do if you need to revoke a previous California will. If the need ever arises, it can be helpful to have a relationship with an experienced Pasadena estate… Read More »
