Many types of debts still have to be paid even if someone passes away. Tax debt is one example, as the government still may want payments for property taxes or income taxes. Another example could be a car loan or a home loan. There are also minor costs like utilities...
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Year: 2023
4 signs a trustee is violating their fiduciary duty
A trustee is the person who manages a trust’s property and general finances. That’s a powerful position. As such, they have what is called a “fiduciary duty” to put the interest of the trust and its beneficiary ahead of their own. It’s sometimes difficult for...
How does undue influence work in estate planning?
Undue influence isn’t something that is limited to estate planning, even though that’s where it often shows up. It just happens when one person uses a position of power to influence the other person to make a decision that is not in their own best interests or that...
What are the fiduciary duties of an estate executor?
The role of an estate executor is a position of considerable responsibility and trust. When a person is appointed executor of an estate, they must manage and settle it. This role is governed by a set of fiduciary duties that are legally binding and designed to ensure...
Can you reduce the cost of probating your estate?
Most people want to leave an inheritance for the people they love when they die. And when you’ve worked hard your entire life to make wealth, it’s only sensible that you leave as much of it as you can to your loved ones. It’s for this reason that most people plan...
When an executor should obtain a bond in California
Handling someone else's large estate in California is not an easy job. Sometimes, the executor may see it fit to obtain a surety bond, or the probate court might order it based on the individual circumstances. Here's how that works. Understanding surety bonds A surety...
This is the time to update your estate plan
California intestacy law dictates how assets held in your estate are allocated if you die without a will or a trust. State law may also take effect if your will or trust is found to be invalid for any reason. Therefore, it's important to review and update your estate...
The warning signs of diminished financial capacity
As we age, our cognitive abilities will naturally decline. At first, the signs of this decline are relatively mild such as forgetting where the remote is or forgetting to wear a jacket when it's cold outside. Depending on how bad your condition gets, you may need to...
How does ancillary probate work?
Sometimes the probate process that occurs after a person’s death can become much more complicated. This is often the case in the state of California where certain residents may own property that exists in other states. Navigating such a probate case can be difficult...
Can you sue a trustee?
Many trusts are operating in California, and these are designed to oversee a massive amount of assets in a variety of ways. Trustees are the people who hold legal responsibility for managing trusts. Most trustees manage these trusts with diligence and propriety....