A last will and testament allows you to specify the persons (or other entities, like charities) who will inherit your property after your death. If you fail to leave a valid will, California law provides for automatic inheritance by your heirs. But what happens if you do not have any…
Articles Posted in ESTATE PLANNING
Planning for Succession in a Living Trust
When you create a revocable living trust as part of your estate plan, it is typical to name yourself as the initial trustee. This allows you to retain maximum control over the trust assets during your lifetime. But there may come a time when you are no longer physically or…
What is the Best Way to Leave Money to a Child?
If you plan to leave money or other assets to a minor as part of your estate plan, you need to consider how such a gift will be administered. Minors—that is, anyone under the age of 18—generally cannot manage their own funds. Under California probate law, a court may appoint…
How Does a Prenup Affect My Estate Planning?
Many couples sign a prenuptial (or antenuptial) agreement prior to marriage, which specifies the rights of each partner in the event of divorce or death. It is important to treat such agreements as part of your estate planning, as in many cases a prenup may amend or override a spouse’s…
California Conservators May Not Unilaterally Cut Off Family’s Access
In California, like all states, a probate court may appoint a conservator to act on behalf of a people who are unable to care for themselves or their property. Once appointed, a conservator has broad power to provide for the “care, custody, control, and education” of the person under the…
Defective Language in a Will or Trust Can Lead to Probate Problems
A good estate plan should provide clear directions regarding the disposition of your property after your death. If your estate plan includes a trust, it is important to transfer title to any any assets you wish to place in the trust. Even if you have a trust, you still need…
Can You Make a Contract Not to Change Your Will?
If someone promises to include you in a will or estate plan, and do not for whatever reason, you generally have no legal recourse. An oral promise to take some future action is not, in and of itself, a legally binding commitment. However, if you have a written contract with…
Can Your Children Handle an Inheritance?
A family business presents unique estate planning challenges. You may want your children to share equally in your overall estate, but at the same time, your children may not be equally capable or invested in your business. It is also important to make sure any child you groom to take…
How a California Power of Attorney Works
A power of attorney is a document authorizing someone to act on your behalf with respect to financial and contractual matters. Among other acts, a person holding your power of attorney may sell your house, write checks from your bank account, or access your safe deposit box. A power of…
How the Estate Tax Will Work in 2016
The new year is a good opportunity to reconsider your estate planning needs. You should periodically review, and if necessary revise, your will, trust, and other estate planning documents such as a durable power of attorney, to keep your affairs current. Among other things, changes in the law may alter…