The executor must keep beneficiaries of the will apprised of important developments and decisions affecting the estate. If the executor fails to disclose beneficiaries with a proper accounting of the estate’s affairs, a beneficiary may petition the court to compel the executor to provide one. Beneficiaries may also take legal action, such as asking the […]
A trust is a legal instrument used to convey assets from the creator of the trust (the “trustor” or “settlor”) to one or more beneficiaries. There are many reasons to establish a trust. A common trust in California is a revocable trust established to convey assets to heirs upon the settlor’s death and thereby avoid […]
Often when people are drafting estate planning documents, they will be advised to include a “no contest clause” in their last will and testament. A no-contest clause – also called a “penalty clause,” or in legal circles, an “in terrorem” clause – is meant to prevent beneficiaries from challenging the will after the individual dies. What […]
It is important not to overlook digital assets as you establish a will or trust to distribute your estate upon death. Digital assets have value you may want to pass on to beneficiaries. However, online assets are protected by passwords and may not be available to anyone, including designated heirs, if you fail to take […]
Digital assets include virtual currencies, loyalty program benefits, website and podcast content, and content stored on sites like Amazon and iTunes. An individual’s digital assets may be as valuable as what’s in their bank and investment accounts. Increasingly, “What happens to digital assets upon the owner’s death or if the owner becomes incapacitated?” are important […]
California is well-known as a community property state. In community property states, property that a couple acquires while married and residing in the state is owned by both spouses. And while community property is typically thought of as a legal concept connected to divorce, community property rules also apply to inheritance matters. When a person […]
Probate is the court-supervised process for transferring legal ownership of a deceased person’s assets and settling their debts and other financial affairs. Probate may require paying debts and distributing the decedent’s assets according to their will or state default rules if there is no will. If no one files probate for an individual who has […]
Follow Trust Terms The trustee has a duty to follow the Trust terms. In other words, do as they’re told. May sound obvious, but it’s remarkable how often trustees seem to get that one wrong. It is a basic trustee duty that can be found at California Probate Code section 16000. Too often individual trustees will […]
Most law firms receive a high volume of calls every day from people who are seeking legal advice and/or legal representation. These things will help you in making the initial contact with a law firm: Have Your Documents Ready Lawyers often need to see documents to understand your case. For example, if you are calling […]
(Updated 2024-3-14) The single most valuable asset most people in California own is their home. Passing a house from one generation to the next is the standard basis for building wealth in our country. But there are multiple ways an individual may inherit a house, and several options exist for using this asset after inheriting […]
