A: You are not required to accept compensation for acting as an executor. Oftentimes an executor may not want to take compensation to appease other siblings or to not have the compensation be taxable income (the inheritance is tax-free but the compensation must be...
A: Although you are not required to hire an attorney, it really is strongly advisable! The probate code, as well as recent case law, makes it imperative for a trust amendment to be properly executed in accordance with the terms of the trust and/or the probate code in...
A: Possibly. Although the success of the claim will depend on the particular facts, Probate Code Section 366.3(a) states: "If a person has a claim that arises from a promise or agreement with a decedent to distribution from an estate or trust ..., whether the promise...
A: 1. Protect and preserve the trust assets 2. Follow the terms of the trust 3. Act fairly and always with the beneficiaries' best interests in mind 4. Keep great records and communicate regularly with the beneficiaries 5. Distribute the assets!
A: No, you will not inherit anything from your biological father's estate in this case. With very few exceptions, Probate Code Section 6451(a) states that an adoption severs the relationship of parent and child between an adopted person and their biological parent.
A: Not necessarily! Any assets you own as joint tenants would automatically pass to her by right of survivorship. However, be aware that California, contrary to popular belief, does NOT recognize common law marriage. Therefore, if you want assets to go to your...
A: A living trust is like your personal GPS for the afterlife. First, it makes sure your assets get to the proper destination! Second, it ensures your assets have a smooth road to travel without hitting those pesky probate traffic jams; indeed, instead of waiting in...
A: You may very well need to! Special Needs Trusts are usualy designed to supplement, but not supplant, the means-based government assistance and benefits that your loved one is receiving! The language of the SNT establishes that the trust funds are to be used only...
A: Although not technically required, it is still a very smart idea! Utilizing an Estate Planning Attorney will ensure that the maximum amount possible of your estate ends up in the hands of your child. Trusts ensure there are no unnecessary contests, streamline the...
A: Fortunately, if the cars are registered with the California DMV, you will not have to do anything to change or update the pink slips. Specifically, this little perk is brought to us by Probate Code Section 13050(b)(1), which excludes any such cars from a decedent's...
