If you are single, you should not assume that estate planning is not relevant to you because of your marital status. Indeed, estate planning is important for all responsible adults, regardless of your age or marital status. Some negative consequences can come about if you pass away as a single person without an estate plan in place. Let's look at some of them. Laws of Intestate Succession If you die without an estate plan as a single person, your property would be distributed along intestate … [Read more...] about Campbell CA Estate Planning FAQ: What If I’m Single When I Pass Away?
Probate in San Jose California: Can You Avoid It?
Probate is the legal process that takes place when your last will is admitted to the probate court. There are some pitfalls that go along with the process of probate in California. For one thing, probate is a public proceeding, so prying eyes can access probate records and find out exactly what went on during the process. Many people would like to keep their final affairs confidential. Time is another factor. You probably want your assets to be distributed to your heirs in a timely manner. … [Read more...] about Probate in San Jose California: Can You Avoid It?
Does a California Revocable Living Trust Provide Asset Protection?
Revocable living trusts are very useful estate planning devices, but they do not serve every possible purpose. If you want to position assets in a way that protects them from creditors and litigants seeking redress, you would want to look for different legal instruments because revocable living trusts do not provide asset protection for the Trustor. What is the value? Revocable living trusts are largely utilized to enable probate avoidance. Probate is a legal process, and it takes place under … [Read more...] about Does a California Revocable Living Trust Provide Asset Protection?
What Is a Living Will in California and Why Do I Need One?
In the field of estate planning there are many different legal devices that have similar sounding names, and it can be confusing for the layperson to sort it all out. There are living wills, living trusts, and last wills. In this post, we will clear up any misconceptions that may exist and address the definition and purpose of a living will in California. Because a last will is used to state your wishes with regard to the transfer of your financial assets, you may assume that a living will does … [Read more...] about What Is a Living Will in California and Why Do I Need One?
Estate Planning 101: What Is California Probate?
Estate planning can be viewed as something that is done on paper. Indeed, it does involve the execution of legally binding documents. However, there is also a human element to consider when you are engaged in your estate planning efforts. Recording your wishes on paper is one thing, but how are these wishes going to come to fruition after you pass away? There is a postmortem element, and you should think this through thoroughly when you are planning your estate. There are various different … [Read more...] about Estate Planning 101: What Is California Probate?
What Happens to My Property If I Die Without a Will or Trust in California?
Estate planning is important for all responsible adults, and everyone should have a last will in place at a minimum. If you do not execute any estate planning documents you will die intestate, and the outcome of this is not consistent with most people's wishes. When you die without a last will or a trust in California directing the transfer of your assets, the condition of intestacy results. Under circumstances where you pass away without having a will or trust and no living relatives, the … [Read more...] about What Happens to My Property If I Die Without a Will or Trust in California?
What Is a California Special Needs Trust?
Each family has a different dynamic, and this is something to take into consideration when you are planning your estate. With this in mind, if you have someone with a disability in your family you may want to consider the creation of a special needs trust. We would like to explain the value of a special needs trust by way of a simple example. Suppose you have a family member who has a disability. You want to provide something for this individual when you're planning your estate. Because … [Read more...] about What Is a California Special Needs Trust?
What Are the Advantages of a California Durable Power of Attorney?
When you hear mention of a power of attorney, you may feel as though it is not something that you would need as part of your estate plan. Most people are aware of the fact that in a general sense a power of attorney is used to allow someone to act on your behalf in a legally binding manner. However, powers of attorney are in fact going to play a role in your estate plan if you want to be comprehensively prepared for the future. It's not all about arranging for the transfer of your … [Read more...] about What Are the Advantages of a California Durable Power of Attorney?
California Estate Planning: What Is the Marital Deduction?
Tax efficiency strategies are a must for high net worth individuals who are engaged in the process of estate planning in California. Fortunately, we don't have a state level estate tax here, though there are a number of states that do have their own estate tax. This is a break, but the federal estate tax can do more than enough damage on its own. You can pass along a certain amount of money to people on your inheritance list before the estate tax becomes a factor. This is why it is only … [Read more...] about California Estate Planning: What Is the Marital Deduction?
California Legacy Wealth Planning: What Is It?
The process of estate planning is going to mean different things for different people. What is important to one family may not be important to another. One of the deciding factors will be the extent of the estate in question. If you are simply transferring a relatively modest store of assets to your children and there is no estate tax responsibility, you are in a particular situation. However, if you have been extraordinarily successful throughout your life from a financial perspective, you must … [Read more...] about California Legacy Wealth Planning: What Is It?
