A: Yes! As an unmarried couple, it is important for you and your partner to each create an estate plan because the law does not grant unmarried couples who are not legally registered domestic partners the right to inherit from their partner's estate or priority in...
Estate Planning And Business Law In Napa Valley And Beyond
Q: I own a business and a home. Should I still have a living trust even if I am unmarried and don’t have any children?
A: Absolutely! In California, a living trust is vital for those without direct heirs to bypass the probate process, ensuring assets like real estate or businesses are efficiently transferred to chosen beneficiaries. It's an effective way to control your estate's...
Q: Is it true that my mother’s estate, which was rather modest, will not require a full probate because of its relatively small value?
A: That's right! California law allows for a simpler process to transfer personal property for estates that fall under a certain value threshold (currently $184,500), making it quicker and easier for heirs to receive their inheritance, and without having to go through...
Q: My uncle died and his estate needs to go through probate. He did not have a Will. Who will receive the assets of his estate at the end of the probate?
A: Your uncle's estate is considered intestate because he died without a Will. California's laws of intestate succession will be applied to determine the heirs of his estate. If he was married and had children, his spouse and children would be the heirs of his estate....
Q: Why might it be better for me to completely restate my trust versus simply amending it?
A: Imagine your trust as a storyline shared with your heirs and beneficiaries. With a complete restatement of your trust, only the latest version—your final narrative—gets shared after you're gone, ensuring a single, streamlined story. This approach contrasts sharply...
Q: Is there any way my kids can avoid probate if I DON’T use a living trust to transfer my home?
A: You're in luck! California's Revocable Transfer on Death Deed (RTODD) offers a cost-effective shortcut to leave your home directly to your heirs, bypassing the expensive and lengthy probate process. Depending on the individual circumstances of each client, this...
Q: My child will be 18 soon, but I do not feel like he is ready to manage an inheritance well if my spouse and I pass unexpectedly in the near future. How can this be addressed in our estate plan?
A: This is a common concern and it can be addressed well with proper estate planning. When you and your spouse create a trust, you will choose at what age or ages your child will receive the assets of the trust after you have passed away. You will also nominate a...
Q: Do I still “own” my house if there is a mortgage on it?
A: Yes you do! And more importantly, without a trust, the probate laws of California would not only consider you the owner of the property at your death, but would also charge your heirs probate fees based on the fair market value of the home and NOT on the amount of...
Q: Does a revocable transfer on death deed (“TOD Deed”) only need to be notarized to be valid in California?
A: No! Under recent law changes, the TOD deed now needs to be both notarized and witnessed by two disinterested parties (the Notary Public may act as one of the witnesses). Moreover, in order to be valid, the TOD deed must be recorded within 60 days of the...
My spouse and I have been married for many years, and I am out of gift ideas for Valentine’s Day. Any suggestions?
A: Yes - chocolates and an estate plan! Creating a comprehensive estate plan will give you and your spouse peace of mind regarding your end of life wishes and avoid the expense of probate or emergency planning in the future. Happy Valentine's Day!