A: Not necessarily! Your spouse may only receive one-half or one-third of your estate when you die if you do not have a will or trust in place that specifies how the assets of your estate will be distributed. Under California law, the proportion of your separate...
A: Federal estate taxes are currently levied on all estates that exceed $11.7 million in value. Additionally, each state also has the right to charge its own estate tax at the state level. Fortunately, the State of California does not have an estate tax separate from...
A: Unfortunately, Probate Code Section 5302(b)(2) is very clear that in this case, the named beneficiary on the savings account (the girlfriend) will inherit ALL of the sums therein, even if the decedent had a will naming a different beneficiary (the child). Estate...
A: You will most likely not need to appear at hearings. Most courts in California use a tentative ruling system. This means that the day before the hearing on a petition, the court will post its intended ruling on the petition. If the tentative ruling is to grant the...
A: You will need to lodge your mom's will with the court within 30 days of her passing and also file a petition to be formally appointed as the executor of her estate. Although you are named in the will, you will need specific documents from the court in order to take...
A: You should strongly consider hiring an experienced trusts and estates attorney. Whether you are the acting successor trustee during the lifetime of the person who created the trust or after he or she has passed, you have a number of fiduciary duties to fulfill and...
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,...
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...
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...
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...
