If you don’t have a will when you die, your property will still go to your family, through your state’s laws of “intestate succession.” The only difference is that with a will, you can determine exactly which relatives will receive what. Whereas, without a will, the closest relatives will receive equal shares depending on a pre-determined priority system. With that system, how your property is distributed depends on which of your relatives are still alive when you die. Intestate Succession … [Read more...] about What will happen to my property in California, if I die without a will?
General
What is the Cost When My Spouse Dies?
There are certain types of fees and expenses that can be expected when your spouse dies, the extent of which depends on where you live, the size of your spouse’s estate and what, if any, estate planning was done. Generally, court fees, appraisal fees, executor fees and attorney fees can be expected. Some of these fees are established or limited by the laws of the state where you live. The cost of probate is also a factor. This expense is commonly between 5% and 10% of the gross … [Read more...] about What is the Cost When My Spouse Dies?
Not Every Power of Attorney is the Same!
As with most things, there are both advantages and disadvantages associated with a power of attorney. Understanding some of the ins and outs of a power of attorney can help you make an informed choice as to whether you actually need one. Basic definition of a power of attorney The individual who creates a power of attorney is referred to as the "principal." The individual who is authorized by the power of attorney to act on behalf of the principal is referred to as the "agent" or the … [Read more...] about Not Every Power of Attorney is the Same!
Who Can be a First Party Trust Beneficiary?
Special Needs Trusts are useful estate planning tools used to improve the lives of those who are disabled or have special needs. If a disabled individual receives government benefits, or may be eligible to receive them in the future, owning too much property can jeopardize their eligibility. A special needs trust can help the disabled maintain their eligibility for need-based government benefits, while still providing for their continued care. So, who can be a first party trust … [Read more...] about Who Can be a First Party Trust Beneficiary?
Can I Modify My Trust?
Estate planning is a course of action for every family. A good estate plan can provide security for the future in a comprehensible, customizable way. A revocable trust is an example of one of many valuable tools that can be included in a comprehensive estate plan. What happens, though, when family situations change, financial status fluctuates and other aspects of your life change? You may be wondering: Can I modify my trust? Of course you can! Methods of modifying a trust There are … [Read more...] about Can I Modify My Trust?
What is the Function of a Probate Paralegal?
Not every law firm employs the assistance of a paralegal, but those firms that do, benefit in many ways. This is also true in the area of probate law. Paralegals provide such benefits as increased accessibility and better relationships between the firm and the client. The function of a probate paralegal cannot be overlooked. Initial evaluation of client needs The initial meeting with each client is very important. Paralegals usually assist in gathering all necessary information from the … [Read more...] about What is the Function of a Probate Paralegal?
What is a Step up in Basis?
Are you familiar with capital gains? That is, the difference between the purchase price of an asset and the sales price. The IRS requires you to pay taxes on all of your capital gains. There is a special rule for inherited property, however. This rule is referred to as “step up in basis,” and it provides a very valuable tax break. How does the “step up in basis” work? Let’s say, for example, that you inherited a house from your grandmother. When she bought the house in 1980, she paid … [Read more...] about What is a Step up in Basis?
The Ins and Outs of Distributing An Estate in California
The Ins and Outs of Distributing An Estate in California from Scott Schomer A fiduciary, in the probate and estate context, is either an executor (or personal representative) or a trustee, depending on how the property in the estate is held. Learn more about ins and outs of distributing an Estate in California in this presentation. … [Read more...] about The Ins and Outs of Distributing An Estate in California
Funding a Timeshare into a Trust
Many timeshare owners may be planning a trip for the holiday season about now. The benefits of owning timeshare property are many. The majority of timeshare owners also wish to pass on that valuable property to their children when they die. However, timeshare ownership is not a straightforward as owning your home, or even owning a summer home. So, if you are considering establishing a trust as part of your estate plan, you should know that funding a timeshare into a trust takes the expertise of … [Read more...] about Funding a Timeshare into a Trust
Who is Competent to Make a Will in California?
Everyone knows how a last will and testament (or "will" for short) works and why you need one. A will is likely the most common estate planning tool, and for good reason. Wills are relatively easy to create and they allow individuals to pass on their property and assets to whomever they choose, after they die. What many people don't know, is that not everyone is competent to make a will in California. If you lack the legal capacity required to create a will, at the time the will is executed, … [Read more...] about Who is Competent to Make a Will in California?
