A: No, your trust can be created to include any children you have now and any children that you may have in the future. Amending your trust in the future is an option if you want to change any of its provisions, but you can rest assured that it can be created...
A: Although every living person should have a will, by itself it unfortunately does absolutely nothing to help keep your kids out of probate. Having said that, just because you only have a will does not automatically mean your estate will be subject to probate. For...
A: A nomination of guardian is a document that allows you to nominate someone you trust to care for your minor children as their legal guardian if you pass while they are under the age of 18. If you do not nominate a guardian and one is needed, the court will appoint...
A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your brother could own an 80% interest as a tenant-in-common while you own a 20% interest as a...
A: 1. Undue Influence or Coercion: Beneficiaries may contest a will or trust if they believe the decedent was manipulated into favoring someone unfairly. 2. Lack of Testamentary Capacity: A will or trust might be contested if there's doubt that the decedent had the...
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!
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...
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.
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...
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...
