Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.” … [Read more...] about The “Juice” and an Executor’s Duties
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Reviewing and Updating Your Estate Plan
If you have already put together an estate plan there are many reasons why it may be time for you to reevaluate that plan and make some changes. You may be wondering why you would need to update your estate plan, which is a valid question. The answer is that the composition of family’s change, laws change, and one’s financial status or outlook on the transfer of wealth may change – all of which may give rise to problems that need to be fixed. During one's lifetime, most wills and trusts are … [Read more...] about Reviewing and Updating Your Estate Plan
Estate Planning Considerations Upon Remarriage
If you’ve been divorced and are considering remarriage, you’ll want to take some time to carefully consider the implications remarriage will have on your estate plan. Whether you have yet to develop an estate plan or have already created one, there are several issues you will need to think about. Blended Inheritances Getting remarried means that both you and your new spouse may automatically have the right to inherit from one another if the other should die. This inheritance can have a … [Read more...] about Estate Planning Considerations Upon Remarriage
Spousal Inheritances in California
Married couples in California have the right to receive at least a portion of the property the spouse owns up on that spouse's death. The California inheritance laws are a little more complicated than those in other states because California has what are known as community property laws. These laws divide property a couple owns into community and separate property. What this means for spouses is that you have a right to inherit specific kinds of property if your spouse dies. Let's take a look at … [Read more...] about Spousal Inheritances in California
Tips For Executors Who Want to Do A Good Job
A good executor makes the probate process go smoothly, efficiently, and helps it finish as quickly as possible. Sometimes, however, executors feel as if family members, creditors, or others interested in the estate pressure them to wrap things up quickly or before the appropriate steps are taken. Your job as an executor requires you to follow probate procedures regardless of the pressure others are putting you under. To do this, there are several key mistakes you will want to avoid. Tip 1. … [Read more...] about Tips For Executors Who Want to Do A Good Job
Basic Questions About Trusts
Question 1: What is a trust and how does it work? One way to think about a trust is as a kind of company that you create. This company has a specific purpose or objective that you can select. It will be run or managed by someone you choose, known as the trustee, and can own property just as a company can. It will also use that property for the benefit of other people that you name, known as the beneficiaries. There are, of course, significant differences between a trust and a business … [Read more...] about Basic Questions About Trusts
Estate Planning Considerations Upon Moving to a New State
Whether you are new to California or are leaving the state to go somewhere else, you need to take some time to review your estate plan as part of the moving process. Moving to a new state means that there are new laws you may need to consider. This is especially important if you move from a community property state, such as California, to a non-community property state, or vice versa. Here are a few issues you'll need to keep in mind when reviewing your estate plan as part of a move. Spousal … [Read more...] about Estate Planning Considerations Upon Moving to a New State
Looking into Some Types of Trusts
Trusts have become a very useful tool in the estate planning field; in fact, you may be considering one yourself. If you are considering establishing a trust, you should be aware of the different types that exist. Revocable inter vivos trust This is the most flexible of all the trusts. The usual setup for this type of trust involves the trustor (i.e., trust’s creator) transferring legal title to property to the trustee (i.e., person entrusted with looking after the property). The catch is … [Read more...] about Looking into Some Types of Trusts
The Importance of a Will in the Probate Process
A will is a common document used in estate planning, serving as a guide for the distribution of an individual's assets after their death. Its importance in the probate process cannot be overstated, as it provides clear instructions on how an estate should be handled, potentially simplifying and expediting the probate process. Here are key reasons why having a will is crucial in the probate process. 1. Clarifies Your Wishes A will allows you to explicitly state your wishes regarding how … [Read more...] about The Importance of a Will in the Probate Process
The Role of an Executor in the Probate Process
An executor plays a pivotal role in managing and finalizing an individual's estate after their death, especially during the probate process. Selected by the deceased (the testator) in their will, the executor's duties are both critical and comprehensive, requiring diligence, honesty, and often, a significant investment of time. Understanding the executor's responsibilities is key for anyone appointed to this vital position. 1. Filing the Will and Initiating Probate The executor's … [Read more...] about The Role of an Executor in the Probate Process
