There are different family dynamics to consider when you are thinking about the subject of estate planning. Statistics on the subject vary, but it is safe to say that around 40% to 50% of marriages end in divorce these days. Most people who go through a divorce eventually get married again, and the majority of these individuals already have children when they enter into their second or third marriages. This can create an estate planning situation that must be dealt with proactively. How do … [Read more...] about Pre-Nup, QTIP Can Protect Your Children
How Do Trusts Work?
People sometimes shy away from things that they don't understand, and as a result they can wind up missing out on good opportunities. This is something to keep in mind when you are thinking about the subject of estate planning. Most people have heard of trusts and trust funds, but many individuals assume that these instruments are something that only wealthy people need. In reality, the creation of a revocable living trust could be a good choice for many people who would consider themselves to … [Read more...] about How Do Trusts Work?
Creditor Claims
I was recently asked to address someone's claims against an estate. There were several procedural issues I addressed and pass along to you, as well as some practical advice regarding the nature of this person's claims. People create living trusts as part of the estate plan in order to avoid the death probate process which can be both time-consuming and expensive. If there is a trust involved, you can present your claim to the trustee, and it can be in any format which communicates the nature … [Read more...] about Creditor Claims
What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
Recently I had an attorney ask me about the following question. A decedent had died holding several accounts in joint tenancy with someone believed to never have existed. Who knows why people do these kinds of things, but there it is. Apparently great effort and expense had been incurred trying to identify this person, and ultimately it was concluded they weren't real. The question is how to proceed? The decedent had a will, but probate proceedings had not yet been started. I advised as … [Read more...] about What to do when a Deceased Person Held Property in Joint Tenancy with a Fictitious Person?
If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
I was recently asked to address a situation where Husband died and the home was held in joint tenancy between Husband and his mother. Husband had no will. The question was presented how does the surviving Wife get title to the home? Assuming Mother has predeceased Husband, upon her death legal title would have passed by right of survivorship to Husband. To remove Mother's name from the title, an Affidavit of Death of Joint Tenant would have to be prepared and a certified copy of Mother's … [Read more...] about If Real Property is Held by a Deceased Spouse and his Parent, how does the Surviving Spouse get Title to the Home?
Three Reasons To Avoid Probate
Many people interested in the subject of estate planning do research on the Internet. When doing online research, the topic of probate avoidance is often mentioned. Probate is the legal process of estate administration, and though this sounds rather routine on the surface there are difficulties and costs that go along with the process, and as a result people often choose to avoid it. In this blog we highlight three of the reasons why you may want to employ probate avoidance … [Read more...] about Three Reasons To Avoid Probate
Optional Claims Procedures for Trust Administration
One of the major advantages of having a living trust is that upon death, assets of the trust are not subject to the probate process. But occasionally there are situations where probate might be an advantage. One of those would be where the decedent has legal obligations that are unknown or undefined. The decedent's creditors would have a right to bring suit to collect on their claims against the trust for one year after the decedent's death. If the decedent's estate were being probated, the … [Read more...] about Optional Claims Procedures for Trust Administration
Beneficiary’s Rights to Trust Copy and Accountings
Under California law, when a decedent dies and their living trust become irrevocable, the trustee is required by Probate Code Section 16061.7 to give any beneficiary notice of that fact and advise that the beneficiary has a right to receive a copy of the trust and periodic accountings and that the beneficiary has the right to contest the trust within 120 days after receipt of such notice. Having received no such notice, the beneficiary's right to contest the trust is four years unless there are … [Read more...] about Beneficiary’s Rights to Trust Copy and Accountings
Rights of a Surviving Spouse
What are the legal rights of a surviving spouse to the deceased spouse's assets where the decedent spouse leaves the bulk of his/her estate to a child from a prior marriage? California is a community property state. Many people are confused about what constitutes community property. Basically, community property is everything a married couple acquires as a result of their labors commencing with the date of marriage. Community property does not include many things, such as separate property … [Read more...] about Rights of a Surviving Spouse
Probate of Testamentary Trust
What state laws apply to a decedent's Will? Well, it depends. First, many states have laws which require the filing, recording or lodging of a Will after the decedent's death. On that issue, the law of the state where the decedent was residing applies. But where do you bring the probate action? Real property must be probated in the courts of the state where the real property is located. For instance, if a Colorado resident dies owning real and personal property, a probate proceeding is … [Read more...] about Probate of Testamentary Trust
