Most homeowners protect their homes with insurance and regular maintenance. But have you considered whether your home's ownership aligns with your estate plan? Learn why reviewing your home's title may be an important part of protecting your legacy.
How much does it cost to administer a trust? The cost to administer a trust estate in California can vary depending on a few factors, like the size and complexity of the trust, the types of assets involved, and whether professional services (like attorneys or CPAs) are used. Here's a general bre...
The Advantages of an Financial Power of Attorney Managing your finances is a key aspect of independence and security. However, unexpected situations—such as illness, injury, or absence—can make it difficult or even impossible to handle financial matters on your own. That's where a Financial Powe...
Discover the benefits of an Advance Health Care Directive and how it protects your medical wishes, reduces conflict, and ensures peace of mind for your loved ones.
The Corporate Transparency Act (CTA) is a significant new law that will impact millions of businesses across the United States. The CTA passed in 2021 and took effect in January 2024. It is designed to enhance transparency and help combat illegal activities like money laundering, terrorism financ...
If you're considering estate planning, you're on the right track. You'll be able to provide for your family, as well as remove much of the stress and headache that would otherwise be involved in taking care of your affairs after you're gone. You've probably heard the terms “will” and “living trus...
"Mom Tells Kids They Can Buy Late Dad’s Belongings at Her Yard Sale After They Refuse To Take Things For 2 Years”
If you become incapacitated, and can no longer manage your own affairs, you will need someone to help you. Two primary areas where this is relevant is your financial affairs and your healthcare affairs. There is a separate document for each. A durable power of attorney is the document where you w...
One of the documents in your estate plan portfolio is an “advance healthcare directive” or “healthcare power of attorney.” This is the document where you name an agent to make healthcare decisions for you if you become incapacitated. You also have the option of giving your agent some guidance abo...
Setting up an estate plan is an important thing to do, but don't stop there. In addition to properly transferring assets to your trust, your estate plan should be “tuned up” from time to time. Depending on the nature of the changes, you might just need an amendment, or you might need a full resta...
If you are an interested party (heir of the settlor or a beneficiary) under a trust, you may be able to contest the validity of the document in court. This is most commonly done by people who were disinherited and who feel the document might not be valid. However, the law favors the quick adminis...
In a will or trust, people often leave their assets to their children “by right of representation” or “per stirpes.” Per stirpes means “by branch” in Latin, referring to family branches that begin with your children. It is a method of distribution to efficiently divide your assets among your desc...
Not all trusts are valid. The law in California requires specific elements be met for a trust to earn its validity. It might sound like a mere academic discussion, but these requirements can have real world consequences if your trust does not meet all of these elements. What is a trust? A trust i...
When you get older, you might have additional medical expenses that you don't have now (i.e., a home healthcare provider or assisted living). If you qualify, you can get assistance with these expenses through Medi-Cal, California's Medicaid program. However, some people are worried about what wil...
This is a common situation: Parents want to leave a share of their estate to a child, but the child has an issue that makes them hesitate. It might be drugs, or alcohol, or gambling. Or the person might be bad at managing their finances. Or they have an abusive spouse. Any number of issues might ...
Very often, a house or other real estate is the property that triggers probate. The threshold is only $150,000, and in California that is not hard to meet. Probate can be a major inconvenience to the beneficiaries. However, you can avoid it altogether by setting up a living trust and transferring...
Sometimes, a person can be missing for a long time and you need to figure out what to do with their assets. Bills go unpaid, property is neglected, businesses go downhill, etc. In California, if someone is missing, the court can appoint a conservator to manage the estate until they return. Additi...
As you may or may not know, a “quiet title” action is a court proceeding where the court determines title status and ownership questions related to property. When a trust is involved, such an action may be brought under Probate Code Section 850. Some examples of causes of action where this might ...
As you probably know, probate is the court administered process of wrapping up a deceased person's estate. It is complicated, time consuming, and costly. For this reason, most people take estate planning steps to avoid probate altogether. One way to avoid probate for real property is to execute a...
If you've been named executor in a will, or seek appointment as administrator, the probate court will hold you to a high standard when managing the estate. Here are some of your duties as personal representative of the estate: Managing the assets of the estate When managing estate property, remem...
Sometimes, there is not enough money in the estate to pay off all debts. The question then becomes, “Who gets paid?” In California, under the Probate Code, debts of the decedent are paid according to a schedule of priorities. Probate Code Section 11420 states the following: “(a) Debts shall be pa...
When you hear the term “probate referee,” you might picture a guy with a whistle saying, “Break it up!” at a professional wrestling match. Although someone like this might be helpful (as probate disputes can get heated), that's not actually what a probate referee does. A probate referee is a pers...
If someone has passed away, and the gross value of their countable property does not exceed $150,000, the person entitled to claim such property does not have to open a probate case. In fact, you may not have to go to court at all. There is a much simpler way to access this property: By drafting ...
It's always difficult to lose a loved one. It becomes more difficult if you're not sure what to do after they pass away. Once the funeral service has passed, and things have settled down, here are 10 things to think about to start wrapping up the deceased person's affairs. 1. Did the person have ...
A will, or “last will and testament,” is a document that takes effect at death and dictates where your property will go when you are gone. It is also where you name a guardian for your minor children and an executor to carry out your wishes. The person who executes a will is the “testator.” Ordin...