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While estate planning is usually discussed in the context of distributing an estate among heirs upon someone’s death, for those who are unmarried or without children, estate planning is just as critical. How your assets will be distributed upon your death and who will be responsible if you become incapacitated must still be given very careful consideration. If you are single or without children, what happens during your lifetime may be even more important than what happens to your estate after your death. Having a carefully crafted estate plan, including a valid health care proxy and financial power of attorney, ensures that your estate and your financial welfare are being attended to while you are alive as well as after you are gone. Who Will Manage Your Healthcare? If you are no longer…

There may come a time when we are no longer able to manage our own financial and legal decisions due to an illness, age-related disease, or disability. Under probate law, this is referred to as incapacity. Proper planning allows us to choose how and who will step in for us if we are no longer able to do these things for ourselves. What is Incapacity? In California, incapacity is regulated by California Probate Code § 810-13 and defined as “a judicial determination that a person is totally without understanding, or is of unsound mind, or suffers from one or more mental deficits so substantial that, under the circumstances, the person should be deemed to lack the legal capacity to perform a specific act….” One may be considered incapacitated If they are unable…

In January 2016, Revocable Transfer on Death Deeds, or RTODDs, became available in California as a way for individuals to leave a piece of real property to a loved one simply and cost-effectively. Using an RTODD, a property can automatically pass on to beneficiaries upon an individual’s death without going through the costly and time-consuming probate process. Until RTODDs, Californians had three options to leave real property to loved ones: Maintaining ownership with the right of survivorship or joint tenancy Leaving the property in a will Leaving it through a trust In comparison, a Revocable Transfer on Death Deed offers a no-muss, no-fuss alternative way for an individual’s home to be passed to loved ones upon their death without time-consuming probate or the cost of creating a trust. How an RTODD…

If you are considering estate planning - which any adult should - you likely have heard various terms, including beneficiary accounts, wills, and trusts. These are all parts of a comprehensive estate plan used to pass on property and assets, and the following is a brief overview of each one. To discuss your specific estate planning questions or to learn more, contact a Santa Ana estate planning lawyer today. Beneficiary Accounts Most financial accounts have the option to add a beneficiary, which is the person or persons who will receive your assets after you pass away. The funds do not have to go through probate and, instead, will be issued directly to the beneficiaries who were designated. You can add beneficiaries to: Bank accounts Investment accounts IRAs and 401ks Life insurance policies…

Transfer on death (TOD) accounts are a popular tool in estate planning, as they can have different benefits. Any account that has a TOD designation will transfer ownership right away without the need for probate. This can be highly beneficial for larger estates especially, but also save time and stress for families involved with smaller estates. That said, there are things to consider so you can avoid certain problems with TOD accounts. To discuss your specific situation, speak with a Santa Ana estate planning lawyer directly. TOD Accounts Do Not Replace Your Estate Planning Needs You cannot simply add TOD designations to your financial accounts and property titles and expect your estate planning to be complete. Instead, you need to make sure that your TOD accounts are in accordance with California law and that…

Like most states, California has laws that permit the state to claim - or “escheat” - unclaimed property that is deemed abandoned. This commonly occurs when a person passes away without estate planning documents, and no one claims the property as part of the estate. There are specific rules regarding how businesses must handle unclaimed property, when the state can deem the property to be abandoned, and how rightful property owners might reclaim their seized property. Identifying Unclaimed Property Businesses in California, including insurance companies, banks, and other property custodians, must file annual reports to the state regarding unclaimed property. These businesses must identify when certain property has remained dormant or untouched for a specified period of time in order to classify the property as unclaimed. Some common types of unclaimed property include: Saving…

In 2021, most of our lives revolve around the digital world. We use the internet and all of its resources for entertainment, social interaction, financial transactions, and much more. Even if you do not have cryptocurrency accounts, you still likely have some type of digital assets, such as social media accounts, email accounts, and cloud-based photo albums, among other things. So, what happens to your digital assets if you pass away? You might have never considered it, or you might not think it is an important matter to consider at length. However, digital assets have become an important part of estate planning, and you should always discuss this matter with an experienced Santa Ana estate planning attorney. Estate Planning for Digital Assets The first thing you will need to do is…

After you pass away, the last thing your family needs is to face a contentious dispute over your estate. Even families who seem to get along can find themselves in conflict over estate and probate issues when a parent or another loved one passes away. Plan ahead to avoid this situation for your family with the help of a Santa Ana estate planning attorney. Common Estate Disputes It is first important to understand the types of disputes that commonly arise so you can work to prevent them. The following are only some examples of conflicts that might arise. Will Contests When someone passes away, their last will and testament should be submitted to the probate court for review. During the probate process, beneficiaries, heirs, or others with possible interests in the estate can…

If your spouse suddenly passed away without an estate plan, would you have rights under California law? Fortunately, the answer is yes - widows and widowers do have some guaranteed inheritance rights in California. However, it is still preferable for spouses to have comprehensive estate plans to make the process of estate administration simpler and to ensure a spouse receives what they should.

When you put your heart and soul into starting and running a successful business, chances are you would be proud to pass the reins along to one of your children or another family member. However, this can be a difficult situation if a business owner does not have the appropriate estate planning documents in place. It can be a nightmare for your family as well as the business and its clients. The best way to ensure your business passes along to the right individuals with little to no disruption is to schedule your appointment with an Orange County estate planning attorney who regularly works with business owners. The following are some reasons why estate planning is essential for business owners. Keeping the Business Out of Probate You might think that you can…