Understanding probate sales in real estate
If a person in California passes away and does not have their home in a trust, their assets must go through a legal process called probate. The heirs may want the house sold to access the proceeds for paying off debts and distributing the remainder. Probate homes may present a unique chance at getting a […]
Quick guide to executor duties
If you agreed to be the executor of someone’s estate you may be wondering how to carry out your duties in California. Executors have multiple duties, some of them quite challenging. This guide will help you understand your responsibilities. Locate the will The first step is to locate the person’s will. Ideally, they have already […]
California hospitals must contact your next of kin
California hospitals must consult with your next of kin if you become incapacitated or have an accident. The person the hospital contacts can make healthcare decisions since you cannot speak for yourself. However, hospitals must do this only if the state has a next-of-kin statute. The next-of-kin statute in California California is one of 45 […]
How to use an intentionally defective grantor trust
Intentionally defective grantor trusts or IDGTs are used in estate planning to put a hold on specific assets. In effect, it freezes the assets for the purposes of estate tax, but the same does not apply to income tax. If you’re working on your estate plan in California, this may be a worthwhile option for […]
The role of heirs-at-law in an estate
If a California resident dies without a will, there are laws in place that determine who inherits their property. These individuals are known as “heirs-at-law.” Identifying heirs-at-law is also important in determining who can challenge a will or another aspect of an estate plan. While each individual state determines who is included in the “heirs-at-law” […]
Are trusts valid in all states?
Many California residents include trusts in their estate plans because they give them greater control over how their estates will be administered and allow their assets to be distributed without first going through the probate process. Trusts are flexible estate planning documents that can reduce estate taxes and protect privacy, and they are recognized as […]
Strategies for challenging a power of attorney
Financial planners encourage people in California to execute power of attorney (POA) documents in case of an unforeseen emergency. The POA allows the principal to name an agent to act on their behalf in financial and/or healthcare matters. The document generally takes effect when the principal loses the ability to manage their own affairs. As […]
What happens when an estate is insolvent?
Being named the executor of an estate in California involves many duties. Chief among them will be the responsibility to ensure that all debts owed by the estate are paid off in a timely and full manner. You must also ensure that all people named beneficiaries receive their portion, which can be challenging. How can […]
Resolving a will and trust conflict
California residents are urged to set up a trust to handle the distribution of their assets after they pass. But all too few people are aware that you should also have a will in place. These are two documents that are supplementary to each other rather than mutually exclusive. Because too few people know this, […]
Contesting a will
Challenging a will in court can be accomplished, but not for just any reason. Likewise, not every person has the legal standing to challenge the document. However, certain types of individuals are allowed this privilege in California. Executor A person who had been named as the executor of a prior will that was prepared by […]