A: If the cars are registered with the California DMV, you won't have to do anything to change or update the pink slips. This perk is brought to us by Probate Code Section 13050(b)(1), which excludes any such cars from a decedent's probate estate!
Estate Planning
Q: Am I allowed to name all of my children as co-trustees of my trust when I pass, or do I have to pick one person to be in charge of carrying out my wishes?
A: You can choose either option! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
Q: Am I required to pick one of my beneficiaries as my executor/successor trustee?
A: No, you're not. While many people choose a family member or close friend who’s also a beneficiary, you can pick anyone you trust and feel is up to the task—whether that’s another family member, a trusted advisor, or even a professional like an attorney or a...
Q: Assuming my estate is large enough, what are some simple steps I can take to potentially reduce federal estate taxes at my death?
A: Below are 3 different ideas to consider: 1: Gifting to Reduce Estate Value - In 2024, you can gift up to $18,000 per recipient annually without incurring gift taxes, or $36,000 as a married couple. These gifts lower your estate’s value without using your lifetime...
Q: If I die owning a home with a mortgage, will my beneficiaries need to keep paying the mortgage after my death?
A: Yes, your beneficiaries will inherit the home subject to the mortgage. This means the outstanding balance of the mortgage doesn't go away when you pass away. Instead, the mortgage remains attached to the property, and your beneficiaries will need to continue making...
Q: When should you update your estate plan during a divorce?
A: Although probate code section 6122 largely disinherits a former spouse automatically upon entry of a divorce judgement, the same is not true while the divorce is still in process. Therefore, as soon as possible after the divorce proceedings have been initiated, you...
Q: What is a health care directive?
A: A health care directive is a legal document that spells out your medical preferences in the event that you are unexpectedly unable to make or express these decisions in the moment. With a health care directive, you can make a number of decisions in advance — for...
Q: What is a testamentary trust, and should we create one as part of our estate plan?
A: A testamentary trust is a trust established upon the testator's death, as specified in their will, unlike a living trust, which is created during their lifetime. Testamentary trusts are often used to manage a minor beneficiary's inheritance, allowing a trustee to...
Q: Am I allowed to name all of my children as co-trustees of my trust when I pass, or do I have to pick one person to be in charge of carrying out my wishes?
A: You can choose either option! There may be valid reasons to pick multiple people to act as the trustee, just as there may be valid reasons to only have one person acting at a time. An experienced estate planning attorney can usually advise as to what would make the...
Q: What happens if I forget to name a beneficiary on one of my retirement accounts?
A: If you forget to name a beneficiary on your retirement account, the assets in the account typically do not avoid probate and may end up being distributed according to your will (if you have one) or based on state intestacy laws if you don’t. In some cases, the...
