To our valued clients and friends, We sincerely hope everyone is taking care and following all of the recommended precautions during these unprecedented times. WE WANT YOU TO KNOW THAT DURING THIS TRYING PERIOD, WE ARE HERE FOR YOU. In light of recent governmental directives for most persons to "shelter in place", effective immediately, for the most part, our firm will operate remotely. Fortunately, we are experienced with remote workplace operations and have the appropriate technology to … [Read more...]
Are All of these Estate Planning Documents Necessary?
Occasionally, a client will ask, “Do I really need all of these estate planning documents?” Usually, it’s rhetorical questions and a joke about trees, but we answer the question anyway. After all, estate planning attorneys like trees. The estate planning documents that your attorney will recommend will be based upon your concerns, finances, goals, and the law. The consequences of not having these documents are often harsh. While you may need advanced estate planning, the typical basic … [Read more...]
What Happens When Someone Dies Without a Will or Trust?
Dying without a will or trust is called dying “intestate;” and, the intestacy laws of your state of residence, at your death, will determine who inherits from you and in what percentages. If you die with a well constructed and comprehensive will or trust plan, you get to decide who benefits from your estate. Typically, state intestacy laws don’t match decedents’ wishes. Furthermore, if you die with assets in more than one state, especially real estate, your assets would be subject to two … [Read more...]
Is My Mother’s Deathbed Will Valid?
The death of a parent, no matter how old you are, is never easy to accept. If you recently lost your mother, you are undoubtedly dealing with the grief that follows such a loss. At the same time, you may be forced to address some of the practical and legal issues that follow a death as well. Among the most important of those is probating your mother’s estate. Typically, probate is initiated by submitting the decedent’s Will to the appropriate court. If your mother attempted to make a deathbed … [Read more...]
When a Will Helps and When it Doesn’t Help
If you’re like most people, you may be startled to learn that your will won’t do what you think it should do. A will is effective for naming guardians for minor children, naming an executor, and directing assets titled in your individual name or payable to your estate. A will may not control all property because of the way most property is owned. For example, consider Marv’s will. Marv’s will provides that all of his assets go to his children upon his death because he spouse, his second … [Read more...]
Warning! A Will Alone May Not Control All Your Assets
Warning! A will may not control the fate of some of your property. If you’re like most people, this is surprising to you. Your will only controls those assets in your individual name. Here’s what we mean: 1. Joint Tenancy Property: Many married couples own their house as well as their bank and investment accounts as joint tenants. Some single parents put a child’s name on a joint account or the house (not recommended) and some siblings jointly own a vacation home or hunting cabin (not … [Read more...]
Important Estate Planning Tools for the LGBTQ Community
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...]
Estate Planning in the Divorce Context
Most couples enter into marriage with the hope that the union will last forever. As such, couples typically blend assets, name each other as beneficiaries in estate planning documents, and assume the other one will take care of the children in the event of death. Sadly, more than 50 percent of all marriages end in divorce. If you are in the middle of a divorce, or who has recently concluded the divorce process, you may not have considered the impact the divorce has on your estate plan. While … [Read more...]
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...]
Handy Estate Planning Tips for You and Your Family
We’ve put together a collection of estate planning tips for you and your family. If you’re like most people, there will be at least one thing on this list that you haven’t thought of yet. Others will serve as a gentle reminder to take action. 1. You need to name temporary guardians so that someone is authorized to care for your children in the event you are disabled (temporarily or permanently) and unable to care for them yourself. After all, your will, appointing permanent guardians, … [Read more...]
