Many people purchase life insurance to provide for their family’s long-term financial needs. Although life insurance is an important estate planning tool, it is generally not a good idea to name your estate as the beneficiary of any life insurance policy. For one thing, if the proceeds of your life…
One area of estate planning that many people overlook is their funeral and burial. It is a good idea to include instructions regarding your wishes to the executor of your will or the successor trustee of your revocable living trust. You might even consider using a funeral planning website or…
Many people are animal lovers, but few could match the dedication of the late Hollywood comedy writer Sam Simon. Simon, best known as one of the original developers of “The Simpsons,” died in March of 2015. His trust, reportedly worth “several hundred million dollars,” according to a recent story in…
One way to avoid probate with respect to real property is to create a joint tenancy. While it may seem simple, this is typically not the best form of estate planning. There can be may unintended consequences for adding someone to the title such as the inherant issues with co-ownership…
It is never a good idea to avoid estate planning. While California law does provide for the distribution of estates without a will—that is, persons who die intestate—this often ends up costing your estate (and heirs) additional time and money. In addition, if you do not make a will, you…
When lawyers talk about trusts and estate planning, they generally mean revocable living trusts. These are flexible estate planning tools whereby a person (known as a settlor) transfers assets to a trustee. In living trusts, the settlor and trustee can be the same person. Basically, if you create a living…
Two years ago, the Los Angeles Clippers made national headlines not for their on-the-court performance but because of an audio recording of the team’s owner, Donald Sterling, making remarks deemed “deeply offensive” to minorities by the National Basketball Association. After the recording became public, NBA Commissioner Adam Silver suspended Sterling…
Many spouses choose to execute a joint estate plan. For example, they may sign wills at the same time and promise to distribute property a certain way after the first spouse dies. Such agreements may be enforceable under California law, but it is important to follow certain procedures in the…
A major part of estate planning is deciding how you wish to address quality-of-life issues if and when you suffer a terminal illness. Under current California law, a person has the “right to control the decisions relating to his or her own health care, including the decision to have life-sustaining…
Although you often hear stories about people contesting a will, it is not a simple process. Under California law, a person contesting a will has the burden of proving “lack of testamentary intent or capacity, undue influence, fraud, duress, mistake, or revocation.” In contrast, the person offering the will for…