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 »
Blog Posts Page 3
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 »
Can I Include a Letter to My Survivors in My Will?
Your will is a formal legal document that is read and accepted to probate when you pass away. It details important instructions about what you want to happen with your estate, such as who will receive assets you have left behind and who should be appointed as executor of your estate or guardian of your… Read More »
Study Finds that Millennials Spurred to Create Wills During Pandemic
The pandemic made many people take a hard look at their career path, personal residence, financial savings, and estate plans. Many people who had no plan in place before took steps forward to protect their interests in the event of sudden incapacity or death. No matter your age, you could benefit from a will. That… Read More »
Family Businesses Can Be Exposed Without Succession Planning
One of the most significant drivers of economic growth in the United States is the strength of family businesses. Unfortunately, however, the number of family businesses that are survived by second or third-generation owners decline significantly. One contribution to this is the fact that many family businesses don’t have a succession plan. At its most… Read More »
Defining Testamentary Capacity in California
One of the most common reasons for a will contest are claims about testamentary capacity. These are usually brought by heirs who allege that the person who created the will did not have testamentary capacity to create that document. If this challenge is successful in court, the will is deemed invalid. Capacity is a general… Read More »
It’s Time to Take Stock of Your Estate Plan
Heading into the second quarter of 2021, you may have more questions than you do assurances. A new presidential administration is raising questions about how estate taxes will be impacted. The world is still being rocked by a pandemic and no one is sure of their immediate future. This is an appropriate opportunity to step… Read More »
What Is a Conditional Inheritance in California?
One of the best things about creating a comprehensive estate plan is that you get to decide what it looks like and what is passed on to beneficiaries. You can also use more advanced estate planning techniques like trusts to exert more control over the conditions in which your loved ones can inherit those assets…. Read More »
Downsizing into a Smaller Home? Now Is the Right Time to Think About Your Estate Plan
Are you and your spouse in a place to think about moving into a home with smaller square footage? You’re not alone- this is a common question for many people who are looking at what’s the best fit for their upcoming lifestyle needs. There are many different milestones in your life that might prompt you… Read More »
Is Your Estate Plan Disordered?
If your estate plan is created but disorganized, the fallout could affect the beneficiaries you intended to support with your assets. When you’re working directly with an estate planning attorney, you will not only be able to answer many of the most common questions you have around planning for your estate and the possibilities associated… Read More »
Have You Updated Your Estate Plan in the Past Year?
The pandemic prompted more people than ever to think about whether or not their legal and financial affairs were in a place such that another party could take over if you were to become incapacitated or pass away. Many people are now interested in thinking pragmatically about how their life would be handled in the… Read More »
It’s Time to Take Stock of Your Estate Plan
Heading into 2021 you may have more questions than you do assurances. A new presidential administration is raising questions about how estate taxes will be impacted. The world is still being rocked by a pandemic and no one is sure of their immediate future. This is an appropriate opportunity to step back, review and take… Read More »
