A transfer on death account is one type of asset that will pass differently than most others in the probate process. Transfer on death accounts in California can keep your estate planning intact while ensuring that your beneficiaries stay out of court. Approximately 57% of Americans today don’t have a trust or a will, which… Read More »
Blog Posts Page 3
Don’t Forget These Financial To-Do Tasks Before Getting Married
Although it’s probably the last thing you want to think about in the months leading up to your wedding, ignoring financial planning can set both parties in a couple up for challenges. A recent survey of millennials found that 25% of respondents reported that finances cause tension inside their household, which means that it is… Read More »
What Does the Uniform Prudent Investor Act Have to Do with My Trustee?
Any California trustee has specific responsibilities in relation to his or her duties. It is important for a trustee to be aware of what is necessary to properly administer the trust and avoid violation of laws. Following the Uniform Prudent Investor Act is one of the most important aspects of service as a trustee. You… Read More »
Do I Really Need A Medical Directive?
Have you ever thought about what might happen to you in the event that you became unable to make decisions for yourself? This is one of the leading reasons to schedule a consultation with a Pasadena estate planning lawyer, to discuss the development of critical elder law documents. There are several different elder law documents… Read More »
What Should I Consider When Putting Together A Power of Attorney?
Anyone with elderly parents or approaching their own estate planning should be prepared to designate with a primary agent and a secondary agent in a power of attorney document. This means that if the primary agent is out of town or is otherwise unavailable to step in, then the decision process for addressing immediate issues… Read More »
How Do I Know If I Should Initiate A Will or Trust Contest?
While it is relatively rare, contesting a will or trust in California is something that should be done when certain red flags arise, and you believe that fraud or other issues have occurred. Survivors are eligible to contest a trust or will under California law in certain circumstances. The state’s probate code outlines that if… Read More »
What Are the Different Types of California Power of Attorney Documents?
There are primarily four different categories of power of attorney documents recognized in the state of California. You may use one of these or a combination of power of attorney documents depending on your goals and the person you are naming as your agent. The four different types of recognized power of attorney documents in… Read More »
Are You Making This Mistake with Your IRA Trust?
Did you know that an IRA trust, if not properly structured, could become a disaster in terms of estate planning? Congress is currently considering eliminating the stretch IRA, which means that your financial advisors and estate planning professionals will need to rethink IRA trust estate planning. On May 23rd, the new SECURE Act was passed… Read More »
Is There A Time Limit for Contesting A Will in California?
It is recommended that if you believe you have grounds to contest a will, that you initiate this claim with the courts as soon as possible. California enables will contest to be filed on numerous different grounds by interested parties who can be creditors, heirs or beneficiaries named in the will. In order to initiate… Read More »
These Four Elements Belong in Your California Estate Plan
When most people think of estate planning, they assume it doesn’t affect them for a variety of reasons: not enough assets, being single or being relatively young. The truth is that estate planning address these issues while you’re still alive and those that occur after you pass away and it’s a good idea to have… Read More »
Does Someone Retired and Single Still Need Estate Planning?
Are you a single retiree in the state of California and have maybe put off your estate planning? Perhaps you and a friend have gotten together to draft your own wills with the support of witnesses and a notary. Even as a single individual and a retiree, there are still steps you can take with… Read More »
What Is Community Property in California?
The process of California estate planning might seem overwhelming if you’ve never done it before or if you’ve recently relocated to the state and are curious about whether or not your existing estate planning documents will do the job if and when you become incapacitated or pass away. One common question that emerges and is… Read More »
What Happens Without a Will in the State of California?
Your assets go to your closest relatives under California law in Pasadena per the intestate succession rules. Only assets that pass through your will are included under intestate succession laws. Examples of those that do not go through your will include life insurance proceeds, retirement account funds, property transfer to a living trust, payable on… Read More »
What Are the Grounds for Removal of a California Executor?
There are certain restrictions in every state including California, about who is able to serve as an executor of probate. An executor has to be of sound mind and at least 18 years old, according to the California probate code. These are not the only restrictions, however, that could be applied in a Pasadena probate… Read More »
Could Handwritten Wills Hold Up in The Aretha Franklin Case?
After the Queen of Soul passed away in August 2018, plenty of news reports covered the fact that it appeared she hadn’t done enough work for estate planning. It was anticipated that her expected $80 million fortune would be distributed without the assistance of a last will and testament, since none was found at the… Read More »
What Happens After Probate Estate Appointment in California?
After a person has been established as a personal representative for an estate in California, there are three primary responsibilities this individual must keep in mind. These include: Gathering all assets and filing an inventory and appraisal of the estate assets. Paying any taxes, debts, and liabilities of the estate. Distributing any remaining assets after… Read More »
What Types of Actions Require A Court Hearing for California Probate?
Not every action that a personal representative takes on behalf of a California state requires a formal court hearing. In fact, many of the areas that can be completed by the personal representative can be done after filing the official paperwork to become the personal representative and getting registered with the IRS. However, there are… Read More »
How to Modify Your Will in California
Your will is a crucial estate planning tool that will become of utmost importance when you pass away. Many people have a will executed on their behalf to ensure that their wishes with regard to how their assets are passed along is carried out. But creating a will years ago or even six months ago… Read More »
Have You Neglected to Plan for Your Retirement Account?
A new study completed by the Aspen Institute has found that up to 60% of American workers don’t have a retirement account at all. Due to working in the gig economy or the lack of comprehensive retirement plan options presented by traditional employers, many people choose not to have a retirement account, or may never… Read More »
Are There Any Problems with Designating A Trust as Your IRA Beneficiary?
It’s already quite complex to designate a trust as a beneficiary of your IRA in Pasadena, and unfortunately this isn’t getting any easier. With the demise of defined benefit plans and pensions, it’s certainly becoming more important than ever to discuss the pros and cons of naming a trust as a beneficiary of your IRA… Read More »