Misc

Many people will consider using online documents or going to an inexpensive document preparation service that does not have attorneys on staff. Back in the early days of estate planning, when most people were husband and wife with two children, cookie-cutter estate planning documents made sense. But that is not the world we live in today. Today’s modern families, non-traditional couples, and members of the LGBTQ community require more specialized estate planning. Online documents and document preparation services cannot provide legal advice and can only [...]

If you are a California resident and you die without a will or trust, you die "intestate" which means the laws of intestate succession will determine who inherits your estate. Under intestate succession, the State of California decides who will inherit your estate, which includes your money and property. If you want friends or charities to inherit your estate, you must prepare a will or trust because under intestate succession only immediate family will inherit your estate. This will also likely require your loved ones [...]

Joint tenancy is a form of ownership of real property (house, land, etc.) by two people where upon the death of one joint tenant the surviving joint tenant inherits the entire property. It does not matter if there is a will or trust, as long as one joint tenant survives the other joint tenant, the property goes to the surviving joint tenant. Tenants-in-common is a form of ownership of real property by two people where upon the death of one owner that owner’s share of [...]

No, do not add a child’s name to the deed for your house! This can result in several unwanted consequences. First, you give up partial ownership of your house. If you want to sell it or get a loan against it, you need your child’s permission. Second, if your child has creditors coming after her, or your child has a court judgement against him, your house will be subject to their debts and liabilities. Lastly, there may be negative tax consequences for adding your child’s [...]

You can name a transfer-on-death (TOD) beneficiary on all or most of your financial accounts. TOD designation is done through your financial institution and does not require you to update your trust or will (you just fill out TOD forms with the financial institution). As long as the person you name survives you, the money in the financial account set up for TOD beneficiary designation will go to that person. This is a quick and easy way upon your death to transfer money in your [...]