If you own property in California, it may be a good idea to add a living trust to your estate plan. This is because you can hold the property outside of your estate, which means that it likely won't be subject to probate. Furthermore, if you become incapacitated,...
Trust And Estate Administration
Q: Why not just prepare a will or trust on LegalZoom?
A: There may be times in life when it is appropriate to go with the cheapest option, and estate planning should not be one of them. Most of our clients tell us that one of the things they value the most is the peace of mind in knowing that their documents have all...
Q: Why is it so critical to create a trust if I have minor children?!
A: Under the California Probate Code, if a minor inherits more than $5,000, then a formal court custodianship must be opened and administered by the Court until the child turns 18, at which time any remaining funds would be delivered outright (with no restrictions) to...
Q: What does a basket have to do with a living trust?
A: A basket is actually a great way to conceptualize the way a living trust works! Think of a living trust as a basket with a set of instructions on the inside. This set of instructions declares what is to happen with all of the assets inside the basket upon the death...
Q: What happens if one of the beneficiaries in my trust dies before I do?
A: You should also specify in the trust document who the contingent beneficiaries of your assets will be! If you don’t specify the contingent beneficiary, the Probate Code will decide who receives the deceased beneficiary’s inheritance - the default rule is known as...
Q: What happens to those “Dateline” and “48 Hours” couples we see on TV? What exactly is the Slayer Rule?
A: Section 254 of the Probate Code states that any person who feloniously and intentionally kills someone is not entitled to benefit monetarily in any way from the death they intentionally caused. The most famous example of this in California was the matter of Scott...
Q: Can the State take away my home after I die since I am receiving Medi-Cal?
A: Not if you have the home in a living trust! While your home can be subject to a Medi-Cal recovery claim after your death, as of 2017, Medi-Cal can only go after assets in your name upon your death; the trick here is that if you create a living trust and transfer...
Q: I read that 18 states have adopted the Uniform Probate Code, which significantly streamlines the probate process. Is California one of those states?
A: Spoiler alert: No, California probates are still excruciatingly expensive and long court procedures, which is why probate avoidance through a living trust is such a valuable planning tool in California. Feel free to reach out to us...
Q: My father died without a trust; all he owned was a huge pot of gold that he brought here all the way from Ireland. What will happen to the pot of gold I just inherited?
A: This question came in from an anonymous follower! Unfortunately, since his father never had a trust prepared, and because the gold is worth more than $166,250, the family gold will have to be probated. In order to pay all of the court, administrative, and...
Q: What is a Notice of Proposed Action?
A: A Notice of Proposed Action essentially requires a beneficiary to “speak now or forever hold their peace.” California Probate Code sections 16500-16504 permit a trustee to give notice to the beneficiaries of a trust that the trustee intends to take (or not to take)...
