When faced with the loss of a family member or loved one, the emotional toll can be immeasurable. Along with handling the emotional impact of the loss, you may also be faced with handling the practical aspects as well. One question that often comes up is whether or not the decedent’s estate is required to pass through the legal process known as probate. The answer to that question depends on the law of the state where the decedent was considered to be a resident at the time of death. While … [Read more...] about Is Probate Necessary?
Probate
How Do I Know If Probate Is Necessary for My Spouse’s Estate?
If you recently lost your spouse, you probably do not want to think about the practical and legal steps that are required following a death. To ensure that your spouse’s estate is properly handled, and assets are transferred to the intended beneficiaries and/or heirs of the estate, however, you need to consider the need to probate his/her estate. Let's see when you will need to probate a spouse’s estate in California. Why Might I Want to Avoid Probate? Probate is the name given to the … [Read more...] about How Do I Know If Probate Is Necessary for My Spouse’s Estate?
Five Lesser Known Benefits of Good Estate Planning
Everyone knows that an estate plan can ensure your chosen beneficiaries receive the right inheritance. But did you know there are other benefits too? Here’s five things a good estate plan can for you. Protect Against Disability – No, your estate plan can’t prevent disability from striking but it can certainly ensure that you and your estate are protected if it happens. Using an Advanced Health Care Directive and General Durable Power of Attorney can ensure that your medical wishes are … [Read more...] about Five Lesser Known Benefits of Good Estate Planning
What Happens When a Will is Probated?
If you find yourself directly involved in the probate of a Will for the first time, you are probably unsure of what to expect. What happens during the probate of a Will depends, to some extent, on what your role in the probate process is. While the basic probate steps are the same for any Will, every probate process is also as unique as the decedent. To give you some idea what to expect, however, let's look at some common steps involved in the probate of a Will. What Is Probate? Before … [Read more...] about What Happens When a Will is Probated?
What Happens To One’s Property After They Die?
When someone dies, they typically leave behind various estate assets. This may include cash, investments, personal property or real property. All of the decedents property must be legally transferred upon his or her death. How the property is handled depends on a number of factors. Property held in joint tenancy with another person will pass by operation of law to the surviving joint tenant when the one of the joint tenant dies. In many cases, property held by husband and wife as community … [Read more...] about What Happens To One’s Property After They Die?
So You’ve Been Named the Executor of A Will. Now What?
Under ideal circumstances, you will know well ahead of time if someone plans to nominate you to be the executor in a Last Will and Testament. Of course we all know that life doesn't always present us with ideal circumstances. If you have recently been notified that someone died and nominated you to be the executor of the estate in his or her Will, you may be wondering what to do next. To begin with, you need to know that you are not required to accept the position of executor. You are free to … [Read more...] about So You’ve Been Named the Executor of A Will. Now What?
The Government Estate Plan for Intestacy
If you are one of the millions of Americans who has failed to create an estate plan, you are officially signed up for the government estate plan. When you fail to execute as much as a Last Will and Testament or Living Trust prior to your death, your estate will be handled according to the government’s rules and laws since you are considered to have died intestate. So how does the government estate plan work? For starters, except for the most modest estates, it is likely that everything you … [Read more...] about The Government Estate Plan for Intestacy
How Joint Ownership Can Help Avoid Probate
A thorough and comprehensive estate plan will make use of a wide range of estate planning tools and strategies in order to meet the needs of the plan’s creator. For example, if your goal is to pass your assets to loved ones as quickly and simply as possible after your death, probate avoidance tools and strategies should be incorporated into your estate plan. One of those strategies focuses on how you title property. We'll explain how joint ownership can help avoid probate. Joint Ownership in … [Read more...] about How Joint Ownership Can Help Avoid Probate
Student Loans and Death
When serving as executor of an estate, you are responsible for identifying legitimate creditor claims. If you didn’t know better, you might accidently pay claims that aren’t due, such as student loans. The liability for student loans in canceled at death. If you’re responsible for settling an estate (or trust) be sure to consult a probate – estate planning attorney for good advice. Executor Duties This is a list of common executor duties in California: Lodge the will and file … [Read more...] about Student Loans and Death
How Are Assets Valued during Probate?
When a loved one passes away, no one really wants to focus on the practical and legal steps that must be taken shortly thereafter. If you were named as the Executor of the estate, however, you must do just that. One of the many responsibilities you will have during the probate of the estate will be to value the estate assets. Why is that important and how do you determine values? We'll explain the process of valuing estate assets during probate. What Is Probate? Most people leave behind an … [Read more...] about How Are Assets Valued during Probate?
