Buying life insurance ensures that one or more people or institutions you name as beneficiaries of the insurance policy will receive a lump sum payment upon your death. Having life insurance ensures that your named beneficiaries receive tax-free money that may be applied to their own needs or to your estate’s final expenses, debt, or […]
There are several reasons a potential beneficiary might challenge a will, such as because the decedent lacked capacity and was manipulated to write the will a certain way. Sometimes, there are multiple wills, and evidence indicates that the court should recognize one instead of the others. Regardless, it is difficult to have a legally drafted […]
Estate planning is a necessary exercise for anyone who wants to avoid leaving their family with potential legal problems upon their death. With a valid estate plan, you legally document how your assets are to be managed and distributed if you become incapacitated or die. Wills, trusts, powers of attorney, and living wills are some […]
When children inherit assets from a Trust there are basically two ways for them to receive the assets. They can receive their assets “outright and free of trust,” which means their share of the Trust will be distributed into their name now with no further strings attached. Or their share of the Trust can remain […]
In California, married couples typically create a joint Trust—One Trust where both husband and wife are the settlors, beneficiaries, and trustees. They transfer all of their property into the joint Trust and the Trust is revocable during their lifetime. That means it can be changed or terminated while they both are alive. Nothing set in […]
Trusts Wouldn’t it be nice to combine the best features of joint tenancy with a Will? That’s where Trusts come into play. Trusts are now one of the most widely used devices to transfer assets from parent to child. Over the course of this series you are going to learn how Trusts are used, and […]
Some assets pass through beneficiary designation and that is the only way they can pass. For example, retirement plans like 401(k)’s or IRA’s pass by naming a beneficiary on those accounts. You could name a Trust to be a beneficiary, or you could name individuals, but either way the money will pass based on the […]
There are times when people want their home kept in the family forever. Can Trust beneficiaries keep the home for mutual use instead of selling it? The Trustee and Beneficiaries must first check the terms of the Trust document. If there are no restrictions stated in the Trust pertaining to selling the home, the Trustee […]
When your parents create a revocable Trust, they don’t have to tell you about it. And if they change the Trust terms to either give you more or less, they don’t have to tell you that either. Often people will find out about a change to their parent’s Trust after the parent passes and ask, […]
A little planning goes a long way in any crisis. The present coronavirus pandemic isn’t the only time when you may encounter an emergency in your life. Every day we deal with families who have unfortunately lost a loved one. It comes with the territory when you practice in the area of Trusts and wills. […]
