What Happens to My Proerty After I Die?

Uncategorized
Death and taxes, as they say, are the only givens in life. And yet, it is estimated that only 33 percent of Americans have estate plans in place to protect their assets and their loved ones. While most of us know the importance of an estate plan, many people simply don’t get around to it or just don’t want to think about their own mortality. So what happens to your property when you die? Any property or assets you own at the time of your death are part of your estate. Probate is the process of administering your estate through the court system and distributing assets according to the legal documents you have executed in your estate plan. After you die, your assets will be transferred to your heirs through your…
Read More

SHOULD YOU LEAVE YOUR CHILDREN YOUR ESTATE IN CALIFORNIA IF THEY ARE UNDER 18?

Uncategorized
In California, children are not able to inherit assets in their own name. This doesn’t mean that you can’t leave your estate to your minor children. It means, however, that they will not be able to own the assets you leave until they reach legal adulthood, or the age of 18. If you want to leave your estate to a minor child, it must be in a way that will benefit them until they are old enough to take possession of and manage those assets on their own. Leaving Your Estate Through a Will There are two options available to you if your children are named in your will. The Uniform Transfers to Minors Act governs how property is transferred to children through a will. Under UTMA, if you choose to leave…
Read More

DO I NEED AN ESTATE PLAN IF I STILL LIVE AT HOME WITH MY FAMILY?

Uncategorized
Over the last few years of navigating the COVID-19 pandemic, we all came uncomfortably face to face with our own mortality. Even younger individuals were taking these life and death matters to heart. You are never too young to consider what may happen if you are faced with an emergency, either in the short term or long term. Estate planning is more than wills, trusts, and wealth protection, although these are very important considerations. It is about who will raise your children if something happens. Who will be responsible for your bills and obligations if you are suddenly incapacitated? Who will make life and death decisions for you if you are medically unable to do that for yourself? The fact is, every adult over the age of 18 should have some…
Read More

HOW LAWYERS HELP SOLVE INHERITANCE DISPUTES

Uncategorized
After the death of a loved one, inheritance issues can surface. These matters are legal issues, and no one should try to navigate them alone. Having the assistance of an Orange County, CA estate planning attorney can help ensure that any disputes are handled in a legally concise manner that protects everyone involved. Most individuals and families believe that all wills are legally binding. While that is true in most cases, there are instances when a will may not have been not properly created or there may have been fraud or undue influence involved. At times, disputes can arise between family members, or concerns surface regarding the legality of a do-it-yourself or internet will. While you cannot just contest a will because you don’t like its terms, there are times when the…
Read More

HAVE YOU PROPERLY FUNDED YOUR REVOCABLE TRUST?

Uncategorized
A revocable trust can be an essential estate planning tool. It allows you to protect and manage your assets while you are alive but provides for their management and distribution to your beneficiaries should you become unable to do so or pass away. A revocable trust allows you to make changes to it and even revoke it entirely at any point during your lifetime. How a Revocable Trust Works A trust is a separate legal entity that can own assets. Once you have funded your trust, the trust then owns these assets. Assets in the trust will be managed according to its terms by a trustee, which can be you and other co-trustees. If you become incapacitated or die, a co-trustee can continue to manage the assets in the trust or distribute…
Read More

DO WIDOWS HAVE GUARANTEED RIGHTS OVER AN ESTATE IN CA?

Uncategorized
The death of a spouse is always a tragic event and can result in not only emotional but also financial uncertainty for the widow. While many assume that if their spouse dies, they will automatically inherit everything, in states like California, this is not always the case. How do California Laws Work When a Spouse Dies? When a spouse dies in Orange County, CA, property that was held by the deceased must first be divided into community and separate property. California is a community property state, meaning that assets and debts acquired by a married couple become part of their community property and are shared equally between them. Assets that were acquired before the marriage, however, remain separate property owned by each spouse individually. In California, the surviving spouse is…
Read More

WHAT IS A CONSERVATOR AND WHAT IS THEIR ROLE?

Uncategorized
When a family member cannot care for themselves, it may become necessary for someone else to step in to provide that care. In California, when that person is a child, a guardian will be appointed to care for the child. But when that individual is an adult who has become incapacitated, the court will appoint another individual to perform those duties. The legal process of doing this is called conservatorship.  A conservatorship can be established by the court if they have determined an adult is incapacitated and unable to manage their personal needs or financial affairs by themselves. When that happens, the court will appoint another individual called a conservator to perform those responsibilities on their behalf. Is a Conservator the Same as a Power of Attorney? While a power of attorney is…
Read More

WHAT SHOULD I CONSIDER WHEN WRITING A WILL?

Uncategorized
Your will is one of the basic components of a well-crafted estate plan. If you die without benefit of a will, you will be considered to have died intestate, and your estate will then be distributed according to state law, not your personal wishes. A correctly drafted and up to date will should be one of the most important and fundamental parts of your estate planning efforts. Identifying Your Assets Identifying the assets in your estate should be one of your first considerations. Deciding what you want to leave and who you want to leave them to usually takes very careful consideration. Assets that can be left in a will are a family home, vehicles, sentimental family heirlooms, cash, stocks, retirement funds, and other personal valuables. While some assets can be passed to…
Read More

WHAT HAPPENS IF YOU DIE WITHOUT A WILL?

Uncategorized
If you die without a will in Orange County, CA, you no longer control who your estate goes to. In this case, you are said to have “died intestate,” and state law and the probate court distributes your estate by what is referred to as intestate succession. Without a will, your estate will be divided amongst your heirs in accordance with the law, not your wishes. While intestate succession was developed in a way that many people would commonly want their estate to be divided, it may or may not be how you would have wanted your property divided. Consequently, having a valid will in place protects your wishes and the interests of your heirs. How is Property Divided When Someone Dies Intestate in California? When you die, your estate will be…
Read More

Should You Leave Your Children Your Estate if They Are Under 18?

Uncategorized
Although you may plan to leave money or other assets to your children as part of your estate plan, considering their age is important when crafting that plan. Many people overlook the fact that minor children under the age of 18 cannot inherit property in their own name in California. Consequently, when leaving an inheritance to minor children, provisions need to be made to name an adult to manage that property for the children until they can legally do so themselves. Typical Ways That a Child Will Inherit Property Your child can inherit property in several different ways, either through a will, a trust, as the beneficiary of a retirement account or life insurance policy, or through money left for the child as a gift under California’s Uniform Transfers to…
Read More