Archive for the ‘Will’ CategoryTransferring Small Estates without ProbateMonday, January 30th, 2012As of January 2012, California law allows inheritors to completely skip probate when the deceased had a “small estate” whose value was no more than $150,000 in ordinary assets and up to $50,000 in real estate. Because numerous items – including cars, jointly owned property, and everything in a living trust – can be excluded in calculating these amounts, this law can help many families avoid the time and costs of going through probate. Here are the steps for a “small estate” transfer. (more…)
2012 Basic Legal Protection for a FamilyFriday, December 23rd, 2011The new year offers a fresh opportunity to do the simple, affordable things necessary to protect your family’s financial future and peace of mind. Here is our 2012 checklist of seven essential legal protections that both you and your spouse or domestic partner should have in place to protect your family: (more…)
Rogue Wills in California: How the “Harmless Error” Rule Could Affect YouFriday, August 19th, 2011Have you ever heard of a rogue will? If not, that’s because it’s literally what it sounds like: a secret will, not prepared by an attorney, that attempts to change a previous will. To decide if a rogue will is legitimate and enforceable, the California probate court looks to see if it meets all the formal legal requirements for a valid will. However, a California Court of Appeal recently decided that in some situations, the maker’s failure to follow all the legal formalities required can be “harmless error. ” This allows the rogue will to replace the original will, and to change who inherits under the will, and how much they inherit. (more…)
Trust Administration Problems: How to Handle an Ineffective TrusteeFriday, July 29th, 2011Probate can be avoided with a living trust. Once the person who created the trust passes away, the “trustee” (a person named in the trust to assume this role) becomes responsible for “administrating” the trust. This means trustee is legally required to manage and distribute the property of the living trust in the exact way specified by the living trust document. Unfortunately, though, sometimes the chosen trustee is ineffective and must be removed by a court order. In this case, the court will name a different person to be the new trustee. (more…)
What Happens When a Person Dies Without a Will in California?Wednesday, December 22nd, 2010In California, if a person dies without a will or trust, the “intestacy” laws apply. These laws provide a way to determine what happens to property when the deceased person did not create a will or trust stating their wishes. Who inherits the property depends on several factors, such as whether the deceased person was married and whether they had children. Some people believe that a will or trust is unnecessary if their property automatically passes to their spouse and children under the law. However, a will and living trust are especially important for people who are married and those who have children to ensure the simple transfer of property, save on probate fees, and help safeguard a family’s financial future. (more…)
Dying Without a Will or Trust in California: Do You Know What Happens?Friday, May 14th, 2010The 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…)
Who Would You Want to Care for Your Kids If You Couldn’t?Friday, March 12th, 2010Parenthood involves planning not only for your day to day responsibilities, but also for the major “what-ifs.” If you have minor children, have you thought about who you would want to take care of them if both you and the other parent become incapacitated or pass away? California law lets you choose in your will who you’d want to raise your children if you and the other parent are unable to. This is done through a “guardianship.” Your choice of guardian is one of the most important decisions you’ll make in your will, so how do you decide? In “How to Choose a Guardian,” mother of three Denise Oliveri proposes that you figure this out by answering five questions. To decide who will be right for the job, she suggests you evaluate age and health concerns, moral and educational values, financial ability to care for a child, and whether your child would have to move away. (more…)
Threatening Disinheritance for Challenging a Will or Living Trust: The New California Law on “Will Contests”Wednesday, November 18th, 2009Threats 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…)
San Diego Union Tribune Reports Jury Deliberating in the Trial of Socialite Brooke Astor’s Son: Was There Fraud in Changing His Mother’s Will?Wednesday, October 7th, 2009After 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…)
California Personal Representatives: Getting the Job Done and Avoiding Personal LiabilityTuesday, September 29th, 2009A 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…)
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