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?
You’ve probably heard of the terms “will” and “living will.” However, if you are like most people, it may be confusing to fully understand the differences between these terms. While they are both very different, it is important to implement both into your estate planning. Take a look at what both of these legal documents offer: A will, also known as a last will and testament, is only effective after you die. It has no effect during your lifetime. A living will is only effective during … [Read more...] about What’s the Difference between a Will and Living Will?
If you’re thinking about creating your will, you may have a lot of questions. This may include questions about what makes a will legal and valid. You want to make sure that your will meets all legal requirements so that your wishes are respected. Take a look at the information below to learn more. If you have any questions or if you’d like help creating a legally valid will, meet with an estate planning attorney. In order to create a will, you must be at least 18 years of age. … [Read more...] about How to Make a Legal Will
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...] about When a Will Helps and When it Doesn’t Help
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...] about Warning! A Will Alone May Not Control All Your Assets
An estate plan is an important part of one’s plan for the future. Many realize that they need the assistance of an experienced and qualified attorney to assist them in their efforts. Unfortunately, some folks will cut corners in their estate planning efforts in an effort to save a few bucks or because they think they are as smart as or smarter than their estate planning lawyer when it comes to drafting documents or both. Even with persons who were prudent enough to have their original plans … [Read more...] about Where Do It Yourself = Do It Wrong
Letters of administration and letters testamentary are specific types of legal documents that are used in the probate process, the court-based legal process in which property that a deceased person owned is transferred to others. The laws and procedures involved in the issuance of these letters of differ by the type of probate procedure involved. The following discussion discusses California's procedures. The Probate Process: Once a person dies with either a will or no will or trust, someone … [Read more...] about Estate Planning Terminology: Letters of Administration and Letters Testamentary
Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. My friend and colleague Steve Hartnett, an expert in estate planning, explaing why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...] about Estate Planning is Too Important to Procrastinate
Privacy is important, especially in today’s world. Learn how estate planning can enhance or reduce your privacy. Read the following article by my friend and colleague Steve Hartnett on this important issue. Basics of Estate Planning: Privacy and Estate Planning If you have any questions about this topic, we can help. … [Read more...] about Basics of Estate Planning: Privacy and Estate Planning
Here's a good rule of thumb: do-it-yourself (DIY) is for remodeling and arts and crafts. Sure, there are great DIY magazines out there and DIY products online for you to try. But when it comes to drafting your will or trust, or any other estate planning tool, DIY is not the way to go. DIY wills and trusts can ultimately cause you more problems than you could imagine. Despite the low cost and simplicity of DIY wills, trusts and other online legal forms, there is still a great risk that your … [Read more...] about Do It Yourself Wills and Trusts are not a Quick Fix