The initial step in the probate process is to determine who the beneficiaries of the estate are.
The estate may require proof of heirs from all potential beneficiaries. Even then, you may run into problems without the proper paperwork.
If you believe you were excluded from a will or trust by fraudulent actions, it would be wise to contact an experienced Riverside Estate Planning attorney to discuss your options, protect your beneficiary rights and do whatever it takes to ensure that you receive the inheritance you are rightfully entitled to. It is important to act quickly if you believe your rights to inherit are in jeopardy.
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Are you approaching retirement age or already there? If so, it’s time to concentrate on your legal, financial, and healthcare needs down the road.
An experienced Riverside County Estate Planning attorney can help you protect your assets by discussing the merits of writing a will or trust. He or she can create an estate plan that meets your needs and protects your interests later on.
Your attorney will discuss probate, which is the legal process that settles your estate according to your will. You will discuss how and if you can avoid probate. Elder law protects you through estate planning and protects you against abuse and exploitation.
If you need help transitioning to retirement, contact an experienced Riverside County Estate Planning attorney who will discuss what is best for you and your situation.
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If you have young children, it is important for you to designate someone to raise your children if something happens to you. Designating a guardian in your Will or Trust to take care of your children should be your first priority.
In your estate plan, you should name someone to manage the estate assets for your children’s benefit. This person would be known as a trustee. It is okay for one person to be the guardian and trustee, or you can name two different people if you prefer.
If you are considering creating a Will or Trust, contact an experienced Riverside Estate Planning attorney who will put your mind at ease that you have provided for your loved ones in case of your death.
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It is always difficult to discuss what to do when someone is about to die, especially a loved family member. However, it is very important to prepare for that person’s death before it actually happens.
No one likes to talk about finances, but it is important to discuss money matters with your loved ones – it is a concern everyone thinks about and when emotions can run wild.
If you need to have a financial talk with your family members, but do not know how to start one, contact an experienced Riverside Estate Planning attorney who will put you on the right path; who will give you advice on how to begin such a conversation. Financial matters are complex and you need the help of someone who knows what to do and can answer all of your questions regarding benefits, assets, medical care, etc.
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Did you know that comprehensive estate plans will provide for your pets in addition to your heirs? With all the animal lovers out there, have you ever wondered what happens to our little four-legged friends after we’re gone? You don’t want your buddy to end up in a shelter, do you?
The wise thing to do is consider establishing a trust for your pet’s care. With a trust, the dog’s owner places money in it and appoints a trustee to handle it. The trustee is responsible for using the money as directed. This way, you will be assured that your pet will receive the quality of care you want.
Contact an experienced Estate Planning attorney who can advise you how to go about making sure your little furry friend is taken care of properly once you are gone.
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Have you ever noticed that most people do not want to talk about death, especially if they are young and healthy? Of course, some older folks do not want to talk about it either. By not discussing the inevitable, many people do not take the time to draw up legal documents pertaining to their financial affairs and their care if something happens to them. Statistics show that only 20-30 percent of individuals have filled out these forms.
An experienced Estate Planning Attorney can discuss your options with you. Examples include a living will – details your care if you become incapacitated. A health care proxy will name a person who can make decisions for you.
With a living will, you will still be in charge at the end.
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A client recently wanted to know if she should plan her estate because she did not have many assets. I advised that regardless of the size of one’s estate, a plan is always recommended. An estate plan designates someone to manage your assets and your health if you are unable to do so yourself. If you do not plan ahead, a judge will appoint the person to handle your assets and your personal care.
A small estate still needs someone to receive your assets, pay your existing bills and distribute your assets. With a large estate, your experienced Estate Planning Attorney will advise you the best way to preserve your assets for your beneficiaries. He or she will also advise you how to reduce or postpone the estate tax which will be payable after your death.
Many people think that assets will go to the State of California if there is no will. This is untrue. Relatives will have priority ahead of the State. Of course, these relatives may not be your choice. I would suggest sitting down with an Estate Planning Attorney so your assets, no matter how large or small, will go to those people you choose.
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Are you aware that not having a Will or Trust when you die can cost your loved ones money? If your Will does not waive bond, the court will require your personal representative to apply for a probate bond to cover the value of your estate - unless the heirs agree to waive it. Bond premiums can run as high as $2,000 a year after the estate is opened. A probate bond protects the estate against fraudulent activities by the personal representative. In order to qualify for a bond, the personal representative’s net worth and credit are looked into.
California probate bonds are an insurance policy to protect against a personal estate representative that breaches a trust. It is a security required to make sure the representative faithfully carries out his or her fiduciary duties. Probate bonds issues to think about include 1) does the Will waive bond, 2) will the heirs sign a written waiver of bond, 3) when is it required, etc. A California Estate Planning attorney can advise you on all probate bond issues.
Many attorneys obtain bonds through Bond Services of California at www.bondservices.com. If you need help or advice on estate planning, contact an Estate Planning attorney who can prepare all estate planning documents.
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Even though no one likes to think of death, it is equally difficult to imagine the potential pain and chaos that one could leave loved ones, especially without a well thought out estate plan. It’s wise to sit down with an experienced Estate Planning attorney to explore the many options you have. It can be a little confusing to sort through the different choices, but I find that by just defining the different documents, it helps my clients to understand.
A will is a legal document that details the distribution of an individual’s property and assets after death. It usually names who the executor of the estate should be. If children are involved, it will name who the guardian should be. Guardianship should be discussed early on with the proposed individual. An individual must execute their will according to California law in order to be legally valid and enforceable. Changes to an existing will are by codicil (document that complies with California law). A living will states whether the individual wants machines to extend his or her life if recovery is doubtful.
A revocable living trust (also known as inter vivos trust) is a legal document putting assets into a trust. The individual will have access to it during his or her lifetime. After death, the assets are transferred (by a trustee named beforehand) to the chosen beneficiaries – there is no court involved. A living trust is not in lieu of a will.
An irrevocable trust can transfer assets without power to amend, revoke or revise the original terms. Any income generated by this trust is the responsibility of the beneficiary. I honestly believe that everyone whether young or old, should sit down and plan what is to become of their assets once they die. An experienced California Estate Planning attorney is knowledgeable of all the California laws.
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