Privacy is always an important consideration when it comes to family and financial matters. This includes estate planning. For example, you may not want the general public—or even certain family members—to know about the specifics of your estate and how you choose to distribute it. Famously Reclusive Author’s Will Sealed…
American homeowners are collectively carrying nearly $10 trillion in mortgage debt according to the most recent statistics published by the Federal Reserve. This has important estate planning implications. Unlike unsecured debts, a mortgage is tied to a house, not an individual. This means that after you die, your estate and…
Although a last will and testament remains valid indefinitely, you should still review your estate planning every few years to account for changes in your life. Leaving a will unchanged for many years may lead to a situation where someone close to you is unintentionally omitted from receiving a share…
Multiple children can complicate your estate planning. If you have children at different levels of maturity, you should take that into account when making a last will and testament or revocable living trust. Keep in mind the law does not require you treat your children identically. It is okay to…
Estate planning should not be a one-time event. As your life, family, and financial situation changes, you should periodically revisit and revise your estate plan accordingly. That said, it is important to understand that a will does not come with an “expiration” date. If you sign a will today and…
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…
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…
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…
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…
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…