Have you and your same sex unmarried partner created a will, talked to an estate planning attorney, or even given estate planning a second thought? If not, you need to consider doing so, not only to protect your partner, but to protect yourself as well.
If you have not taken the time to plan your estate, you are not alone. Many people avoid estate planning because they see it as an unpleasant task. Having an estate plan in place will ensure that your property is distributed according to your wishes and that any taxes, fees, and costs (there are always taxes, fees and costs) involved in settling your estate can be minimized.
Estate planning helps protect your family in the event that something happens to you. Find out the top 10 reasons to create an estate plan.
Estate planning is one of the most important things you can do to protect your assets. When planning your estate, the best way to protect your assets is with a Living Trust. A Living Trust allows you to protect your assets from the unnecessary delays, costs and hassles of probate.
Avoiding probate does not have to be complicated or expensive. There are simple steps you can take to ensure that certain assets pass to the people you chose without going through probate. One of the easiest ways to avoid probate is to have the money in your bank accounts, retirement accounts and investment accounts automatically transfer to the beneficiary or beneficiaries of your choice after you pass away by filling out simple beneficiary designation forms with your bank and financial institution.Pay-on-Death (POD) Bank AccountsPay-on-death (POD) [...]
Clients often ask me “what is the difference between a basic will and a revocable living trust?” And they also ask “which one do I need?” It is important to know the differences between a revocable living trust and a will. Not everyone needs a living trust.Revocable living trusts and basic wills both allow you to name beneficiaries to receive your property after you pass away. They are useful estate planning devices for different purposes. The most important difference is that a living trust allows [...]
In California a revocable living trust is the best way for real property owners to avoid the need to probate their real property, allowing them to maintain control and save money all at the same time. However, it is not enough to establish a trust – you must also fund it. Transfer of your real property into your trust is not complete without a recorded deed. To avoid probate a trust must be properly funded. Funding of real property is accomplished by deed. A deed [...]
Without a properly drafted estate plan stating your wishes, your assets may not go to the person or persons you want or they may be distributed according to State law.
The Successor Trustee will collect and manage your assets, pay your debts, and decide when and how your trust assets will be distributed to your beneficiaries after you pass away.
The California Probate Code has a statute that punishes those who commit a felonious killing of another human being. This is known as the California Slayer Statute. When the killing of another is considered a felonious act, the person who commits the felonious murder of another cannot profit from the victim’s estate.However, if you kill somebody in self-defense or commit justifiable homicide, this would not be considered a felonious killing and the person would be entitled to any gifts left to them under the victim’s [...]