Can you reduce the cost of probating your estate?
Most people want to leave an inheritance for the people they love when they die. And when you’ve worked hard your entire life to make wealth, it’s only sensible that you leave as much of it as you can to your loved ones. It’s for this reason that most people plan their estates. However, the […]
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 […]
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” […]
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 […]
Should you consider having more than one executor?
In some cases, only one executor isn’t enough to handle the probate of your will after you pass away. There are benefits and drawbacks if you choose to go the co-executor route, so it’s important to know what they are before you dive in. For anyone in California who thinks they might need to appoint […]
Estate taxes and how they affect gifts and inheritances
When a resident of California dies, their estate is subject to federal taxes. The federal government determines how much this amount is based on the value of the estate. When a person creates their estate plan, they can take measures to ensure that taxes are lower to save money and reduce the burden on their […]
What to do with an inheritance in Brea, California
After someone you love dies, you may receive an inheritance as a final gift. Gaining financial stability through inheritance is a unique opportunity. As with any windfall, it may cause stress. Mismanagement won’t improve your financial health, and overextending yourself will damage it. It is important to act slowly and strategically when inheriting a loved […]
What is probate and why should I try to avoid it in California?
Probate is the legal process in California, that oversees the settlement and distribution of the assets in a person’s estate after death. This process guides the legal acceptance of the will and formally recognizes the executor if the estate documents have already been named. However, many try to avoid probate altogether by setting up trusts […]
Challenging a power of attorney
A common document used by many Californians is a power of attorney (POA). This legal document allows the principal to grant authority to another person to make financial and healthcare decisions for them when they become incapacitated and are no longer able to make decisions for themselves. While a power of attorney can offer important […]
Should you leave your home to your child?
California residents who own homes might want to consider giving those homes to their children. However, there are risks associated with this that should make you think twice. Potential tax issues If you give your child your house and then end up passing away, they might be stuck dealing with a hefty tax bill. Although […]