For many people in California, the estate planning process is something they begin because they have heard horror stories about probate and want to do everything they can to avoid it. While avoiding probate is always a good idea, it’s often a very misunderstood part of the law. Let’s take a look at probate and how it can complicate the estate settlement process. Probate When you die leaving behind legal or financial affairs, someone has to wrap those affairs up. Probate is the collection of … [Read more...] about Questions About California Probate and Probate Appraisals
Probate
2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
A good estate plan fits your individual needs, and as a result, no two estate plans are identical. However, there several estate planning tools and that almost everyone needs to include in their plan. Two of the more important are a will and a living trust. Will A last will and testament, usually called a will, allows you to choose who you want to inherit your property after you die. You can also choose an executor to manage your estate, create a trust that will protect property for minor … [Read more...] about 2 Essential Estate Planning Tools: A Will and a Revocable Living Trust
Death and Debts – 3 Questions
Question 1: Who is responsible for paying the deceased relatives debts? In general, only a person who agreed to take on the debt is responsible for paying it back. For example, if your father dies and leaves behind $10,000 in credit card debts, you are not responsible for paying those back. The only situation in which you might have to pay them back is if you were a joint account holder on those same credit cards. In this situation you are obligated to pay the debts. Also, if you are the … [Read more...] about Death and Debts – 3 Questions
