A: If you own a home in California and/or have minor children, creating a Trust is a wise investment. Homes in California are often over the $184,500 threshold amount that is subject to probate. Additionally, providing nominations of guardians of minor children allows...
Rose Law Firm of Napa Valley, Inc.
Q: What does trust funding mean?
A: Trust funding is the process of transferring assets into a trust. After creating a trust, the next step is to 'fund' the trust with assets. This could involve moving money into a bank or investment account held in the trust's name and transferring titles of...
Q: What happens if I get divorced and I didn’t have time to update my estate plan? Will my ex-spouse still inherit if I die?
A: Fortunately, that is not the case! California recognizes revocation by operation of law. If a testator gets divorced after the will is created, California law automatically revokes any gifts that the were made to the former spouse, unless the will explicitly states...
Q: What exactly is a Heggstad petition?
A: A Heggstad petition is a legal maneuver used in California. If a person dies and leaves behind a trust, yet some of their assets weren't properly transferred into the trust before their death, those assets typically would have to go through probate to be...
Q: I’ve been told I should leave an asset list as part of my estate plan. What are the top 10 items to include on this list?
A: A list will ensure that your assets are easily transferred and that your family will know exactly what you own so nothing falls through the cracks. The following is an example of 10 common items that are included on an asset list: 1. Insurance and Life Insurance...
Q: What is a trust restatement?
A: A trust restatement is essentially an amendment of your entire trust that replaces all of the provisions of your original trust with new provisions to meet your current goals. It is a great option if you have an older trust that needs to be updated, if you have...
Q: Is a valid will enough for my kids to avoid probate?
A: Although every living person should have a will, by itself it unfortunately does absolutely nothing to help keep your kids out of probate. Having said that, just because you only have a will does not automatically mean your estate will be subject to probate. For...
Q: Should I update my estate plan right after I file for divorce, or should I wait until it’s finalized?
A: Although Probate Code Section 6122 largely disinherits a former spouse automatically upon entry of a divorce judgment, the same is NOT true while the divorce is in process. Therefore, as soon as possible after the divorce proceedings have been initiated, you should...
Q: Once we sign the trust at the attorney’s office, do we still need to do anything at the bank to change the title to our various accounts?
A: Yes! Remember, the trust is like a picnic basket that an attorney gives you, and although the attorney will typically transfer business interests and real estate into your trust for you, you will almost always need to personally coordinate with your financial...
Q: My mom recently died without a will and had a vacant parcel of land in Modoc County worth about $10,000. Can my sister and I transfer title to ourselves without a probate?
A: Yes! Assuming your mother didn't have any other probatable assets, you and your sister can file with the court a Form DE-305 in the County where the land is located to have the property title transferred without probate.