California residents who own homes might want to consider giving those homes to their children. However, there are risks associated with this that should make you think twice. Potential tax issues If you give your child your house and then end up passing away, they...
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Estate Administration & Probate
Procrastination can be a problem when it comes to making a will
Anything can happen at a moment's notice that will change life drastically, and those without an advance directive often leave families in a bad situation following any personal calamity. If you haven't made a will yet, it's a good idea to do it so that the California...
A living trust vs. a will
California is a state that's full of hard-working people. After working most of their lives, many people understandably want to protect their estate. If you are in the process of doing so, you may have heard about wills and living trusts. With that in mind, here's a...
What happens to the debts owed by a relative who has died?
Many California residents have debts they owe to creditors. In some cases, a person might die before they've paid back their creditors. It's fair to wonder what happens with those debts if you are a relative of the deceased. Does debt go away when a person dies? If a...
Why are beneficiary claims listed in percentages?
Many different types of investment accounts require you to name at least one beneficiary of your funds in the event of your passing. The same is true of wills created by California residents. Beneficiary designations are typically written in terms of percentages....
Heirs at law and estate disputes in California
When a loved one dies, it's likely that their estate will go through the probate process to ensure that the wishes of the deceased get carried out. This can be a difficult process, especially if there are disagreements among the heirs at law about how to divide up the...
How to dissolve a trust
If you own a home, business or other assets, California law generally allows you to keep them in a trust. A trust may allow you to protect items from being seized by creditors or in a divorce. In many cases, you can dissolve a trust assuming that you follow the proper...
Paying estate taxes
In the state, the authority of an executor is specified by a court or any wishes the deceased involved had. Estate administration and probate in California may end with an executor that the estate’s owner didn’t choose. Whether appointed by a judge or the deceased, an...
Differences between spendthrift and asset protection trusts
No one is perfect, so you may need provisions in place to protect your assets from your children. Ensuring that an estate is administered in a successful, profitable way calls for a clear plan. Estate administration and probate in California are necessary if you don’t...
Why every asset isn’t for your trust
With a living trust, you have the right to put away assets like stocks, real estate, certificates of deposits and bank accounts. You have a fair amount of flexibility when planning your estate in California, but there are some things you shouldn't do. When managing a...