A: Yes you do! And more importantly, without a trust, the probate laws of California would not only consider you the owner of the property at your death, but would also charge your heirs probate fees based on the fair market value of the home and NOT on the amount of...
Trust And Estate Administration
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: 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: 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!
Q: I was adopted when I was 2 years old and I just found out my biological father died without a will. Am I entitled to any portion of his estate now?
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.
Q: I have been living with my girlfriend for 24 years, but we’ve never gotten officially married. Will my assets automatically pass to her upon my death?
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...
Q: Do I still need an Estate Planning Attorney if I only have one child and everyone knows everything gets left to them?
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...
Q: What happens if I get divorced and I didn’t have time to update my estate plan? Will my ex-spouse still inherit if I die?
A: Fortunately, that is not the case! California recognizes revocation by operation of law. If a testator gets divorced after the will is created, California law automatically revokes any gifts that the were made to the former spouse, unless the will explicitly states...
Q: What exactly is a Heggstad petition?
A: A Heggstad petition is a legal maneuver used in California. If a person dies and leaves behind a trust, yet some of their assets weren't properly transferred into the trust before their death, those assets typically would have to go through probate to be...