Trusts are important estate planning tools in California, and having one set up and funded may give you considerable peace of mind. Updating it as you acquire assets may seem like a tedious chore, but if you don't, there's a chance that some of your assets won't be distributed to your beneficiaries the way you planned. Is there another option?
It is usually easy for parents to know their responsibilities toward their children when the children are small. In addition to providing them with food, clothing, shelter and education, a parent can offer advice and guidance for nearly every decision, from what to wear to whom to date. Once children reach the age of 18, however, they are legally adults, and you can only hope your training and advice has made a difference.
When it comes to the probate process, people have a variety of questions. From fiduciary duties to issues with beneficiaries, there are many different challenges that can arise. In fact, some people are unsure if probate is necessary based on the size of an estate. In some cases, the probate process is not necessary for a small estate. For example, an estate that has less than $20,000 worth of real estate assets or $150,000 worth of total assets may avoid probate. While some very small estates may be able to avoid probate based upon their size, many are not able to.
The estate planning process may present various challenges and families who have lost a loved one may have to work through a number of issues as well. In this write-up, we will take a closer look at undue influence and some considerations related to this facet of estate planning. Whether you are facing allegations of undue influence or believe that one of your relatives exerted undue influence over your loved one before they passed on, it is critical to handle these matters carefully.
It is often said that the death of a loved one in Los Angeles (and anywhere else, for that matter) can have a galvanizing effect to help bring a family together. If that is true, then the opposite might often be said about estate administrations; they may end up tearing families apart. Of course, one can imagine that this is not the hope of those who died. This is why estate planning experts recommend being as transparent as possible when drafting wills and trust articles. The hope is that doing so will help avoid disputes amongst beneficiaries.
Agreeing to serve as an executor comes with numerous duties and responsibilities. For many people who are still grieving the loss of a beloved family member, these tasks can seem insurmountable. Even going through the decedent's things may be too much at first.
When a loved one passes away, an estate administrator or estate executor is appointed to manage the property and perform a number of duties to finalize the estate's property and finances. In some cases, the estate may have to go through the probate process. This procedure is designed to help ensure that the will is valid and that the property is properly distributed to the rightful heirs. The probate process, however, can be costly and time consuming, which can leave a burden on loved ones and friends who are left behind to deal with the deceased's estate. This leaves many people struggling to create their estate plans in such a way that they are able to avoid probate all together.