A: Record a revocation Record a new TOD deed, or Record a deed transferring the property to a third party or a trust And remember: A TOD deed CANNOT be revoked by a will!
Q&A
Q: When would a trust restatement be considered a more appropriate option versus a trust amendment?
A: When substantial changes are made through a restatement, it simplifies the document and makes it easier for trustees and beneficiaries to understand the trust's terms without having to navigate through multiple amendments. Also, from a legal standpoint, restating a...
Q: What is the difference between a trust amendment and a trust restatement?
A: An amendment only changes particular sections of the trust while keeping everything else the same. A restatement, on the other hand, changes the ENTIRE trust content from beginning to end.
Q: Does my spouse have any right to the inheritance that I just received?
A: It depends. Under California law, the inheritance is initially considered separate property and would not be subject to an equal split in the event of a divorce. However, if you commingle the money by using it to create a joint bank account, a joint property or any...
Q: Do you pay taxes when you receive a gift?
A: In most cases, no. Assets you receive as a gift or inheritance typically aren’t taxable income at the federal level (some states have inheritance taxes though). However, if the assets later produce income (perhaps they earn interest or dividends, or you collect...
Q: My partner and I are not married and do not plan to marry. Can we still benefit from an estate plan?
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...
Q: My partner and I are not married and do not plan to marry. Can we still benefit from an estate plan?
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...
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....
