A: Yes, it is! I recently got a call from someone whose mother died in 1974 and their small house in South Napa was probated way back then. It turns out the mother had 5 daughters who inherited the home. Therefore, each daughter inherited a 20% interest in the house....
Estate Planning And Business Law In Napa Valley And Beyond
Q: If I only want 2 of my 3 children to inherit my home, would it be advisable to use a revocable transfer on death deed?
A: We would only recommend the use of the revocable transfer on death (TOD Deed) if you would like to leave your house in equal shares to all of your children, and none of your children have any spendthrift issues and/or special needs considerations (remember, title...
Q: What’s the best way to ensure your estate doesn’t gobble up time and money in probate?
A: Setting up a trust is key—it's like the "mash" in your estate planning potatoes, it blends everything together smoothly, and will leave your beneficiaries "giving thanks" that you were so thoughtful in your preparation!
Q: I only want one of my three children to inherit my house when I die. What do I need to do?
A: At a minimum, you would need to do SOME type of estate planning or else your estate would be distributed according to intestacy laws, namely, your three children would all inherit equally. Moreover, a trust (versus a simple will) would be essential in order to...
Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?
A: Unfortunately, your aunt now owns that duplex. By operation of law, when your father died, the surviving joint tenant automatically owned the entire duplex, which meant that the will had no legal effect over the disposition of your father's interest in the duplex....
Q: My son is receiving SSDI. Do I need to set up his inheritance through a Special Needs Trust?
A: No, you don't. Because SSDI is not a needs-based benefit, receiving an inheritance would not disqualify someone from receiving SSDI. However, if a loved one is receiving SSI or Medi-Cal, you should talk to an estate planning attorney about creating a special needs...
Q: I think I am having mixed feelings about taking compensation for acting as executor of my dad’s will. Am I required to receive the statutory compensation?
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...
Q: Is it alright for me to prepare my own trust amendment and then sign it? Or do I need my estate planning attorney to prepare the amendment?
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...
Q: My aunt promised me before she died that she would leave me her home after she died, but then she died without a will. Is there anything I can do?
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...
Q: My dad named me as the successor trustee of his trust; do you have a bullet-point summary of what my trustee duties will be after his death?
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!