Archive for the ‘Probate & Inheritance’ Category
Friday, May 14th, 2010
The decision of who inherits your property (and how) can either be made by you, or can be decided by the State of California. Let’s say that you never create a will or trust. Who would inherit your money and property?
Dying Without a Valid Will (Intestacy)
If you don’t leave behind any instructions for how you want your property divided (such as with a valid will or living trust), then California law steps in so that the probate court can distribute your property to your heirs. A person who dies without a valid will is said to have died “intestate.” In these situations, California’s intestacy laws apply. These laws decide which family members will inherit by creating a hierarchy. Sometimes things get more complicated, but here are the basics: (more…)
Posted in Estate Plan, Living Trust Inheritance, Probate & Inheritance, Trust, Will
Friday, January 8th, 2010
To make sure that beneficiaries to a will or living trust aren’t kept in the dark when it comes to the money being spent, earned, and distributed from the estate, California law requires that certain people who are in charge of handling the estate or trust property provide accountings. The right to an accounting becomes even more important when administering a living trust because there’s much less court oversight than there is when property is distributed by the probate court when a person passes away with or without a will. Every trust designates a “trustee” to handle administration of the trust and distribution of its assets. If a person dies with a will, these responsibilities can fall on the “executor” who was named in the will, and when neither a trust nor a will is left behind, an “administrator” will be appointed for the job. (more…)
Posted in Living Trust Inheritance, Probate & Inheritance, Trust, Trust Administration
Wednesday, November 18th, 2009
Threats of disinheritance to prevent challenges to a will or living trust are nothing new, but the enforceability of these threats will be affected by new California law. At the start of the new year in 2010, the rules will be changed for challenges brought against wills and trusts if the “testator” (the person who made the will) has included a “no contest clause” in the document. A no contest clause generally says that if you challenge the will and lose the contest, you’ll be completely disinherited under the will, or take a significantly reduced share. For public policy reasons, no contest provisions are not blindly followed by the courts. That’s why even when there is a no contest clause, if the legitimacy of the will or trust (or parts of the document) come into question, it’s sometimes possible to bring a valid challenge in order for the probate court to determine if the deceased’s true wishes are reflected in the will. (more…)
Posted in Current Events, Law Changes, Living Trust Inheritance, No Contest Clause, Probate & Inheritance, Trust, Will
Wednesday, October 7th, 2009
After nearly six months, the trial of Anthony Marshall is winding down and jury deliberations have begun, as recently reported by the Associated Press in the San Diego Union Tribune. Marshall, a Broadway producer, is the only son of Brooke Astor, one of New York’s most well known philanthropists and socialites, who died at the age of 105 in 2007, leaving behind an estate estimated to be worth $198 million. The 85-year old defendant stands accused of grand larceny, forgery, and of allegedly defrauding his mother of her estate by making changes to her will when she no longer had the mental capacity to do so, says the Los Angeles Times. (more…)
Posted in Current Events, Living Trust Inheritance, Probate & Inheritance, Trust, Will
Tuesday, September 29th, 2009
A personal representative’s job is to carry out the wishes of the deceased according to the instructions in his or her will and according to California law. If a person dies without a will, then the personal representative appointed by the court to handle the estate is called an “administrator,” while someone named by the will is called an “executor.” If you’re deciding whether to accept appointment as a personal representative – or thinking about who to nominate in your own will – then you need to know what a personal representative’s duties are during probate and how to fulfill these obligations without putting your personal assets in jeopardy.
Recently, much has been made about the many deals struck by the executors of Michael Jackson’s estate. (more…)
Posted in Estate Plan, Living Trust Inheritance, Probate & Inheritance, Trust, Will
Friday, June 12th, 2009
Eco-consciousness in burials – it’s on the rise according to a recent New York Times blog, but will it catch on in San Diego? A green or natural burial means using a biodegradable box and saying no to chemical embalming and concrete grave lining (which can also save a lot of money). By preparing burial instructions you can make certain your wishes for a greener resting place are followed. Even if you’re not interested in a green burial, it’s important to plan for burial plot and funeral expenses and help prevent burial disagreements. (more…)
Posted in Estate Plan, Living Trust Inheritance, Probate & Inheritance, Trust, Will
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