In drafting a will, a California resident may wonder whether all assets and belongings are covered by the document. In some cases, an individual might choose to clarify designations already included in assets such as life insurance policies and retirement plans. In...
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Year: 2014
Estate planning benefits of Section 529 accounts
People in California who save for their dependents' college tuition in a Section 529 college savings account are able to accumulate tax-free accounts. This is a major factor for why people choose this type of account, but what many people might not realize is that...
The use of living wills in estate planning
A California resident may wonder about the preparation of a living will, which is a written expression that indicates how someone wants to be treated in given medical situations. An individual may detail wishes for or against life-sustaining measures. Similarly,...
What are the duties of a trustee?
A trustee in the state of California has the responsibility of managing property in a trust that has been established for an individual's beneficiaries. The trustee is required to adhere to the requirements that the creator of the trust, also known as the settlor,...
Understanding probate and the benefits of a living trust
Probate is a process of distributing assets to beneficiaries upon the death a person. The process is started and organized by the executor named in the deceased person's will or possibly by another family member if there is no will. The probate court will work to...
Dealing with California probate issues
The estate planning actions individuals take can affect the probate process after their death, potentially impacting those who may be poised to receive remaining assets. Probate is the court process for legally transferring those assets, and during this action, the...
Bypass trusts and their modern function
Married California residents who are looking for a way to preserve their estates after they pass away have sometimes turned to the bypass trust. However, with recent revisions to estate tax law and portability of exemption rules, a bypass trust may not necessarily be...
Determining assets to hold in a California estate
When an individual passes on, the person's family may be the beneficiaries of an estate plan. However, it is important to understand how assets will be valued before and after being placed into an estate when the benefactor is considering liquidating some before his...
Anna Nichole Smith’s probate battle may escalate again
As many California residents may know, having an estate plan in place may help avoid bitter, lengthy and costly disputes when someone dies. The battle between Anna Nicole Smith's estate and her husband's family is testament to what may happen when an estate is...
Establishment of trust funds avoids probate
Many California residents were shocked and saddened by the death of Robin Williams. While entertainers may be so involved with their career they fail to ignore estate planning, it appears Williams did not neglect taking steps to protect and direct his wealth after his...