The most commonly held misconception about estate planning is the idea that trusts are only useful for a small percentage of people that have very complicated estate planning objectives. There are definitely trusts that are used by individuals that are in unusual situations. This being stated, the revocable living trust is an estate planning device that can be extremely useful for "the rest of us." If you have always thought that you would be using a simple will, you may change your mind … [Read more...] about Five Reasons to Use a Living Trust
It can seem as though the utilization of a last will is the simplest and most efficient way to transfer assets. A trust can seem like something that is much more complicated. In fact, when you use a will, the heirs to the estate don't receive their inheritances until the estate has been probated. The probate court supervises the administration of the estate unless you take steps to avoid probate. There is a caveat to the above. In the state of California there are some probate shortcuts that … [Read more...] about Is Probate Always Required?
You have various different options when you are planning your estate. You can use a last will to record your final wishes regarding the transfer of your property, but it is not your only choice. Even if you are not wealthy, you may want to consider the creation of a revocable living trust as a vehicle of asset transfer. Probate Avoidance Probate is a legal process. When you use a last will to direct the transfer of your property, the will must be admitted to probate. During probate the court … [Read more...] about Why Should I Consider a Living Trust?
When you use a last will to record your final wishes, the executor or some other person close to you must admit the will to probate. Probate is a legal process that the estate must pass through before the heirs receive their inheritances. There are certain drawbacks that go along with the probate process. For this reason many people implement probate avoidance strategies. In this post we would like to look at three of the drawbacks of probate. Loss of Privacy The first drawback of probate … [Read more...] about What Are the Drawbacks of Probate?
When you get into the subject of estate planning, you will hear about probate avoidance. Those who use a last will to arrange for future asset transfers are setting the stage for a future probate proceeding. The heirs to the estate won't receive their inheritances until the estate has been probated and closed. There are various different drawbacks that go along with the probate process. In general, it is time-consuming, it can be expensive, and it is a public proceeding that strips your family … [Read more...] about What Is a Transfer on Death Account in San Jose California?
Probate is something to be aware of when you are engaged in the process of estate planning. Property that is in your personal possession when you die is considered to be probate property. As such, it is not immediately distributed to the heirs to the estate. The estate must first pass through a legal proceeding called probate. The probate court in the jurisdiction that is local to the decedent is going to supervise the administration of the estate. Why is there a probate process? Think about the … [Read more...] about Probate in Campell California: How Much Does It Cost?
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?