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February 2019 Archives

How can I give to charity after my death?

If you are a charitable person who likes to give to the unfortunate or to causes you believe in, then the chances are pretty good you would like one of your final acts on this earth to be giving to charity. You do have the ability to include a donation in your estate plan in California. However, you want to plan any charitable giving carefully to avoid any issues for your heirs or in the execution of the donation.

What is inheritance theft?

When you create an estate plan in California, you set things up for when you die. The plan outlines your wishes and creates a legally binding guideline for your executor to follow when dispersing assets. However, there are a few ways that an estate plan could end up doing harm or causing issues. This is especially true when inheritance theft occurs.

As executor, you are entitled to compensation for closing estate

When a loved one passes away, it is most likely that his or her estate will need to go through the probate process. As someone who had a close relationship to the decedent, the person may have named you as executor of the estate. By holding this position, you will have the obligation of executing the instructions your family member left behind in his or her will and other estate planning documents.

Debt after death

People who live in California and must manage the estate of a loved one or who are making their own estate plans should have a good understanding of what exactly happens to a person's debt after they die. After a person dies, most people tend to put energy focusing on the distribution of assets to heirs. However, while most debts do not get passed down to one's children or other surviving heirs, they must be addressed.

What if transfers of property fail?

The main purpose estate planning experts have in recommending that you create a will early on in your life is to ensure that whatever assets and properties constitute your estate are dispersed in the manner that you want them to. You, then, will no doubt put a good deal of time and effort into deciding which of your beneficiaries will receive what. Yet even the best-laid plans cannot always guarantee that things work out as you anticipate, and certain intended transfers of property stipulated in your estate planning documents will fail. What happens then? 

What are beneficiary designations?

If you have a life insurance policy or retirement account, you’ll need to include them in the estate planning process. This requires filling in the beneficiary designations, which allow you to name heirs to receive the proceeds of these accounts. The Balance explains a few key points regarding beneficiary designations so you can rest assured your final wishes are met.

Defining nonprobate transfers

Like most in Los Angeles, you likely assume that the disposition of a loved one's assets following their death has to be done through the probate process. Many come to us here at The Law Office of Matthew C. Yu with the same assumption, only to learn that nonprobate transfers are indeed allowed (under certain circumstances). The key to understanding if such a transfer of assets is permissible in an estate case that you are party to is understanding what those unique circumstances are. 

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