After your death, the executor of your estate is responsible for paying any valid claims made by your creditors. California probate law governs how and when such claims must be presented to your executor. For instance, if a lawsuit is pending against you at the time of your death, the…
If you have multiple children, preparing your estate plan involves answering a not-so-simple question: How should I divide my estate among them? There may be cases where an equal division of assets is not your wish. You may be estranged from one child, operate a business with another, or simply…
Estate planning is not limited to providing for your affairs after your death. Unexpected health problems may leave you unable to manage your affairs during your lifetime. In such cases, a court may name a conservator for your person or estate unless you have provided for such appointments in advance…
In estate planning, trusts are a common device used to transfer property from a settlor to a beneficiary. Not all trusts are explicit or in writing, however. California recognizes resulting trusts, which exist when a person takes title to property that is intended for the use or benefit of another.…
Most of us don’t make an estate plan on the assumption we’ll die as the result of murder or other criminal behavior. But when such unexpected events do occur, an estate plan becomes even more valuable in assuring your interests are represented. Untimely death often means litigation where your estate…
In establishing a trust as part of the estate planning process, you may intend to provide for future generations beyond your immediate heirs. Some trusts may last for decades in order to fulfill its creator’s purposes. If this is a path you intend to follow, it’s important to carefully consider…
A living trust provides a flexible estate planning tool that can shield many assets from the probate process. Most living trusts used in estate planning are revocable, meaning the person (or persons) making the trust can modify or revoke the trust at any point during his or her lifetime. The…
In an ideal world, estate planning would prevent disputes among your family members after your death. But even the best-laid estate plans can fall victim to squabbling heirs who use the court system to air their grievances over a period of months, if not years. In extreme situations, litigation can…
An important part of estate planning is taking stock of what you own. After your death, your executor will have to prepare an official inventory and account of your property. You can facilitate that process by keeping an updated list of your assets with your will, trust and other estate…
Naming an executor or personal representative is a critical element of preparing your last will and testament. If you die without leaving a will, California law authorizes a probate judge to appoint an “administrator” for your estate, who functions the same as an executor or personal representative. In theory, any…