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Many people create trusts for different purposes, including avoiding probate or having greater control over the distribution of your property and assets. Trusts can also help protect assets for the purposes of federal benefits or against taxes. If you are getting married or ending a marriage, you might wonder whether a trust will help you protect your assets from your former spouse in a divorce judgment. How Trusts Work Trusts are legal arrangements in which a fiduciary holds, manages, and distributes assets for the trust creator. This fiduciary is called a trustee and can be the creator themselves or a designated successor trustee. Trusts can hold assets, real property, and more. Trust creators can create a trust document with specific instructions for how they want the trust property to be…

It is highly beneficial to have a carefully crafted will, though how do you ensure that you consider all relevant factors to ensure your will is effective and enforceable? The best way to feel confident in your last will and testament is to seek help from an experienced Santa Ana estate planning lawyer. The following are some examples of important considerations when creating a will, though you should always consult with a lawyer you can trust, as well. Your Property, Assets, and Beneficiaries Every person has a different collection of assets and property, including both real property and personal property. You should take inventory of all you own and determine: Will some property titles be passed directly to certain individuals? Will some assets in beneficiary accounts pass directly to designated beneficiaries?…

When it comes to wills and the probate process, executors play a very important role in the State of California. Specifically, executors of a will manage estate assets, take charge of all asset appraisals and inventory, make sure that all of the estate creditors are properly and timely notified, make sure that estate assets are properly distributed, take care of all accounting and record-keeping tasks, and, when the time comes, close the estate and distribute all of the decedent’s assets. If you have been appointed the executor of a loved one’s estate, the experienced Santa Ana, California probate lawyers at the Law Offices of Roshni T. Desai are ready to help. Our knowledgeable legal team can answer all of your legal questions and address all of your concerns. Please give us a call today…

Probate is the legal process that addresses how to pay the debt of a deceased individual and distribute their property and assets. In some cases, the deceased person may have had a will in place, but in other situations, they may have passed away intestate, which means they did not have a will. In any case, the probate process can be extremely lengthy, confusing, and costly. It is no wonder that many individuals will do everything possible to try and side-step the probate process entirely. Fortunately, the State of California has several legal mechanisms in place to avoid probate. The experienced Santa Ana, California probate lawyers at the Law Offices of Roshni T. Desai can explore all of your legal options with you – including any alternative to the probate process that may be…

Are you thinking about getting some estate plans in order? This is always a positive step. A comprehensive estate plan can put your mind at ease, knowing that your wishes will be carried out when the time comes. It’s important to think about what is important to you and what objectives you want to achieve with your plan. At the same time, you must avoid making simple mistakes. With this in mind, here are the five most common estate planning mistakes you need to avoid: 1. Not Having a Plan We’ve all heard the phrase, “nothing can be said to be certain, except death and taxes.” With such inevitability, we may as well plan for these important events properly, right? Most people are pretty good about planning for their taxes. But planning…

Are you considering hiring a probate attorney? Maybe you’re wondering what a probate lawyer can do to help you? If you’re in charge of another person’s estate or planning for your own future, a probate attorney can help you in many important ways. They can facilitate the process while helping you steer clear of problems and legal issues. Discover the different ways a probate attorney can help you in this handy guide. 1. Handling Claims Against the Estate When someone passes away, it is possible that one or more parties might file a claim against the estate. For example, a beneficiary may file a claim if they feel the estate isn’t being distributed properly. Another common occurrence is when family members who are left out of the will make a claim against…

While no one likes to imagine being incapacitated in a hospital, it is naturally on many of our minds recently with the COVID-19 pandemic. The novel coronavirus is resulting in thousands of people across the United States in intensive care, often unconscious for extended time periods. If you are incapacitated in the hospital - for any reason - who will make medical decisions for you? While medical professionals regularly make choices on behalf of patients who are incapacitated, their decisions are not always in line with your values and wishes. In addition, having someone to advocate for you is important to make sure that you receive the care you need. You can set out your wishes and designate someone to be your advocate by drafting a document called an advanced…

Once you take the time to create your estate plan, you might think that your job is done. However, as our circumstances change during life, an estate plan might no longer be up to date. An outdated estate plan will not properly protect you, your family, or your property, so it is important that you revisit your plan with a Santa Ana estate planning lawyer on a regular basis or following life events. The following are only some examples of events that might require an update to your estate plan. Getting Married or Divorced When you get married, your spouse automatically gets some inheritance rights under California law. However, their inheritance under the law might not match up with your wishes. For example, if you want your spouse to inherit all of…

On January 1, 2020, a federal law went into effect that can have a significant impact on your estate planning regarding retirement accounts. The law, called the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), changes the guidelines for the payout of retirement savings to beneficiaries after the account holder passes away. Prior to this year, beneficiaries could generally receive distributions over time through their life expectancy. This allowed them to earn tax-deferred returns on the investments. The SECURE Act now limits a beneficiary’s ability to stretch out payments for certain beneficiaries. The tax implications will now be different for these beneficiaries, so it is important to discuss this with your estate planning lawyer to adapt your estate plan if needed to protect the interests of your beneficiaries. Accelerated Payout Timelines…

Just like each person’s estate will be unique, so will be the legal process of distributing and closing their estate, which is called probate. Probate has many specific procedures under California law, and the courts are often backed up. For this reason, probate can take longer than you might expect in the Santa Ana area. There is no way to estimate how long probate might take in your case without first evaluating your specific situation. However, the following is an overview of the probate timeline in California courts. Minimum Timeline In general, a probate case must take the following procedural path: An attorney files pleadings and the will with the proper court A hearing date is set for six to 12 weeks later There is a four-month period in which creditors can make…