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?
Probate
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?
Why a Will Isn’t the Only Document You Need (part 2 of 2)
When beginning to think about your estate planning needs, you may decide to execute a will. A will can allow you to achieve a number of goals. However, it likely won’t allow you to handle all of your estate planning affairs unless you have a simple and modest estate. Take a look at the following information, to learn more. If you have any questions about the use of a will, contact an experienced and qualified estate planning attorney. You can’t control all asset distribution. It’s … [Read more...] about Why a Will Isn’t the Only Document You Need (part 2 of 2)
Caution: Not All Living Trusts Will Avoid Probate
Many folks in California create living trusts to, among other reasons, avoid the hgh costs of a probate proceeding. Regretabably, 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 increas your chances that your living trust may not avoid probate. Why? Why Won’t my Living Trust Avoid Probate? Good question. We get this question all of the time and are happy to … [Read more...] about Caution: Not All Living Trusts Will Avoid Probate
What Happens If We Can’t Agree on Who Should Administer My Mother’s Estate?
The death of a parent, no matter how old you are, is never easy to accept. If you are an adult child who recently lost your mother, you are undoubtedly still going through the grieving process. At the same time, you may be feeling pressure to get moving with the administration of your mother’s estate. The situation will only be worse if you have a situation where the family cannot agree on who should oversee the administration of the estate. If you find yourself in that situation, it is … [Read more...] about What Happens If We Can’t Agree on Who Should Administer My Mother’s Estate?
Do You Have to Go through Probate with a Living Trust?
Estate planning typically involves trying to achieve numerous goals and objectives in one comprehensive plan. One of the more common estate planning goals is probate avoidance. There are several things you can do within your estate plan to help you avoid probate. Using a living trust to distribute the majority of your estate is one way to help your estate avoid probate. What Is Probate? The estate you leave behind includes both real and personal property as well as both tangible and intangible … [Read more...] about Do You Have to Go through Probate with a Living Trust?
