A: Yes you will. A will has no effect or power over property owned in joint tenancy, as the surviving joint tenant(s) will always inherit the interest of the deceased joint tenant, even if the deceased joint tenant had a will with different terms!
Rose Law Firm of Napa Valley, Inc.
Q: My mom named me (and not my sister) the Successor Trustee of her trust. Am I required to show my sister all the records of trust expenses and transactions, or does she just have to trust me since my mom clearly trusted me to do it correctly and fairly?
A: Yes, your sister has a right to receive an accounting! Specifically, under California Probate Code §16062, after your mom passes away, you will be required to provide a full accounting not only to your sister, but to EACH beneficiary at least once per year until...
Q: I have an S-Corporation. How much do you recommend I pay myself as an employee?
A: Answering this question requires a complex analysis of several factors, and, due to IRS requirements that the salary should be "reasonable", this question should generally be answered by a qualified CPA. However, one fact to keep in mind is that the MAXIMUM amount...
Q: What happens if someone dies and all we can find is a photocopy of the will but NOT the original?
A: In California, Probate Code Section 6124 states the general rule that if the original will cannot be located, there is a presumption that the will was intentionally destroyed. However, Probate Code Section 8223 allows a petition to be filed in order to bring forth...
Q: I have a trust in California, but I also own property in another state. Can you my out-of-state property be included in my California trust?
A: Yes! You can transfer your out-of-state property to yourself as trustee of your California trust. By doing so, you will ensure that it will be administered under the terms of the trust that you have carefully considered and created. Failing to transfer your...
Q: Will I need to file a separate tax return if I create a living trust?
A: Not at all! Since the Settlors (the name given to the clients that create the trust) are able to exercise absolute control, dominion and discretion as to all the assets of the trust, no separate EIN will be required, and you will not have to file any separate tax...
Q: Why are Guardianship Nominations such a crucial part of estate planning for parents with minor children?
A: In the event of an unexpected death, courts will consider the best interests of a child when determining who is the best fit as guardian, and the wishes of a parent are generally given tremendous weight in making that decision. If it matters to a parent who would...
Q: What are the top 6 causes of estate lawsuits and litigation?
A: 1). Undue Influence or Lack of Mental Capacity 2). Failure to Satisfy Legal Formalities and Requirements 3) .Breach of Fiduciary Duty (either by the Successor Trustee or the Executor) 4). Disagreements about distribution or sale of a particular asset 5)...
Q: Should I add my child to the title of my home?
A: Here are 7 reasons NOT to add your child to the title of your home: 1. CAPITAL GAINS TAXES. Your child will lose the full step-up in tax basis upon your passing, which could cost the child significantly in tax liabilities upon an eventual sale of the property. 2....
Q: My son recently turned 18. Are there any legal documents that would be useful for him to put in place?
A: Yes! We typically recommend young adults execute a Durable Power of Attorney, Advance Health Care Directive, and HIPPA Waiver. Since your son is now legally an adult, you no longer have authority to act on his behalf in the event of an emergency or otherwise. He...
