Category: Heir
“Probate is the court process to distribute someone’s estate after their death, even if there is a will and is notoriously slow in California.” The nature of the probate process varies from state to state, and even varies from county to county. However, the nature of the process is the same. A court has to […]
“Sometimes beneficiaries end up not receiving their assets. Beneficiaries often lose out because the estate planning wasn’t done properly, but sometimes another family member contests the decedent’s will.” What happens when estate planning doesn’t go according to plan? A last will and testament is a legally binding contract that determines who will get a person’s […]
“So, you’ve decided that a family member won’t be getting an inheritance, after all. Maybe you have an ungrateful or irresponsible family member you want to cut out of the will.” If there’s someone you believe is more deserving or needs more of your help, that may mean someone else in your life may receive […]
“Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.” Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration” from Lake County News clarifies the distinctions. Let’s start with probate, […]
“When the Spanish painter Pablo Picasso died of a heart attack on April 8, 1973, he left behind not only a huge artistic oeuvre of 50,000 works, but enough family drama to cover several generations.” The great artist was also known for the many women he was involved with, but he only married two of […]
“Whether you’re planning ahead for your own heirs or have been asked to serve as executor for someone else, it pays to understand what the role requires.” The job of the executor is an important one. The executor has a fiduciary responsibility to manage the assets and debts of the decedent and carry out instructions […]
“What steps can be put into place to ensure an adult child who makes poor decisions, will be secure after the death of the parent? The main asset is life insurance.” This is not an unusual question for most estate planning lawyers—and in most cases, the children aren’t bad. They just lack self-control or have […]
“One of the most fundamental choices you can make as you’re thinking about how to pass your assets on to heirs, is whether you hold assets in a revocable trust or more simply give them via a will. Both approaches have advantages, although trusts can provide significantly more benefits.” Having a structure in place that […]
“A more present sense of one’s own mortality may drive those who have not made plans before to begin the process of creating an estate plan. For those who have existing plans, are they up to date? How does the changing economic environment affect prior decisions?” One result of the global health crisis is that […]
“I am my late brother’s sole beneficiary on various investments held at different investment companies. I would like to divide the assets equally among three relatives.” This generous individual may be facing a number of legal and logistical hurdles, before assets in eight separate accounts can be passed to three relatives, says the article “Sorting […]
