You may be wondering how your affairs will be handled after your death, whether you have an estate plan in place, or not. Take a look at some of the information below, to better understand how your affairs will be handled if you do indeed have a plan. Part 1 of this 2 part article discusses what happens if you do NOT have an estate plan in place. With an estate plan… If you only have a will in place, your affairs will likely still have to go through the probate process. This is … [Read more...]
What Happens After You Die…With or Without an Estate Plan (part 1 of 2)
Whether taking the time to create an estate plan or not, many people wonder how their affairs will be handled after they die. This is a completely natural thing to think about. It’s important to have some idea of how affairs are handled, so that you understand the power of estate planning. Take a look at some of the information below, to better understand how your affairs will be handled. If you have any questions, or if you’d like to create an estate plan, contact a qualified, … [Read more...]
You May Still Face Probate After Creating Your Living Trust
Many folks create living trusts to, among other reasons, avoid the high costs of a California probate proceeding. Regrettably, some may think they’re saving money even more with do-it-yourself kits, Internet trusts, or by working with a paralegal or a general practitioner. If you go those routes, you increase your chances that your living trust may not avoid probate. Even with a high quality trust, failing to follow through with the “funding” process could trigger a probate. Why Won’t my … [Read more...]
Do All Estates Need to Be Probated?
When a loved one passes away, someone must handle the administration of his/her estate shortly thereafter. If the decedent left behind a Last Will and Testament, the individual appointed to be the Executor in that Will is who will handle the estate administration. If the decedent died intestate (without a Will), the court will appoint a Personal Representative to serve in the position. This person is generally referred to as an Administrator. Either way, if you find yourself in charge of … [Read more...]
Common Estate Planning Myths (part 3 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling 7 estate planning myths in this three part article. 5. I don’t need a trust because I have a will. Myth!!! Most people would benefit from having a revocable living trust in addition to a pour-over-will. While your will is necessary, it is only effective after you’re dead. … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Answers To Your Living Trust Questions (2 of 3)
Trusts have been around for hundreds of years; specifically, the living trust gained popularity in the 1970s as a probate avoidance technique. Today, living trusts are often used as a foundational document in estate plans. We’ve found that many folks have both questions and misconceptions about the living trust; so, in this three part series, we answer your living trust questions. Will I always be the trustee of my living trust? You can be the trustee of your trust as long as you are … [Read more...]
How Do I Know If I Need a Probate Attorney to Help Me?
Over the course of your lifetime, you will likely require the services of an attorney for a variety of different reasons. Knowing which type of attorney you need for your legal issue or problem is crucial. Just as you would not allow a pediatrician to treat a tumor in your brain, you wouldn’t hire a criminal defense attorney to help you pursue a breach of contract case. How then, do you know if you need a Sacramento probate attorney to help you with a legal matter? What Is Probate? First, it … [Read more...]
What Are the Rules of Intestacy in California?
When a loved one passes away, one of the first practical steps that should be taken is to search for the decedent’s Last Will and Testament. What happens though if you cannot find a Will? Surveys indicate that over half of all Americans do not have even a basic estate plan in place, making it equally likely that your loved one did not execute a Will prior to his/her death. If that is the case, it means that he/she died “intestate” which is a legal term meaning without a Will. When a decedent … [Read more...]
Why Avoid Probate?
Creating a successful estate plan typically requires you to incorporate numerous inter-connected goals and objectives into one comprehensive plan. As you may have heard from friends or family, probate avoidance is a popular estate planning goal. In order to decide if you should make probate avoidance one of your goals, however, you need to have a firm understanding of why you might want your estate to avoid probate. Probate Process Basics Probate is the legal process that is typically required … [Read more...]
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