If you’re approaching retirement age, chances are, you’re taking steps to secure your financial future and your legacy. Although not everyone enjoys making end-of-life plans, creating a will is an important part of protecting the assets you’ve worked a lifetime to earn

It is not always an easy task either. You may be struggling with the decision of the fairest way to leave your wealth to your children. Do you give them an outright distribution? Should each child receive the same amount?

You may have two sons, one that struggles and one that has a steady career. You may decide to leave a little more to the first son, because you know you don’t have to worry about the second. But will your kids understand your intent?

You may wonder whether you can ensure that your will is respected after you’re gone, and concerned that someone may contest the will.

What is a contested will?

A will contest occurs when an heir – or someone who believes he or she should have been an heir – files a formal objection regarding the contents of a will. This party, the contester, may argue that the will is invalid for some reason.

The most common contest claim is that the testator, the person who made the will, was not in his or her right mind at the time. The contester may claim that the testator was mentally incapacitated or that the testator wrote the will under duress or undue influence from another party.

For example, a brother who has been disinherited may claim that his sister pressured their mother to write the brother out of the will by threatening to put the mother in a nursing home if she didn’t comply.

Less common reasons for a contested will include claims of fraud, forgery, ambiguity or technical error. The validity of the entire will or individual sections may be contested.

Can you prevent a will contest?

Unfortunately, there is no sure-fire way to guarantee that no one will contest your will. However, there are actions you can take now that can minimize the likelihood of a contested will in the future.

One of these is talking to your heirs about your wishes and being upfront with them about what they will or will not inherit and why. Tell them in advance who will be the executor of the estate, and allow them to air any grievances then and there.

Explaining your rationale for your decisions can prevent discord from simmering under the surface, and your kids may surprise you with agreeable suggestions for division. Although it may be awkward, a frank conversation now can save the whole family a lot of heartache in the future.

Another method for preventing a contested will is a no-contest, or in terrorem clause, an addendum stating that if an heir contests the will, he or she forfeits his inheritance. However, these clauses are not bulletproof either.

How can an attorney help?

Estate and probate law are complex subjects. From providing for business takeover to preventing disclaimers, creating a will can bring up numerous topics you may not have encountered before. Ensuring that your will and entire state plan is executed property is an essential piece for limiting the exposure to a contest.

An experienced estate planning law firm can help you navigate property laws, draft legally binding documents, and prepare for a variety of eventualities you may not have considered.

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Elderly people, particularly those who are physically and/or mentally compromised, can be vulnerable to many types of abuse, including financial abuse. Sadly, this type of abuse often is perpetrated by family members, caregivers and others close to the person. Sometimes it comes at the hands of strangers who know that elderly people are more likely to fall for scams or give up confidential information over the phone or online.

Financial abuse can take many forms. If you have an elderly parent or loved one whom you believe could become a victim, it’s important to keep an eye on his or her financial situation. If you don’t have power of attorney or other legal control over their finances, you can still ask some important questions or do some research yourself. It’s important to know:

— Who is managing their daily expenses?– Are their bills being paid?– Is anyone else on their accounts?– Has anyone asked them for access to their accounts, passwords or for a loan?– Have they expressed concern about running out of money or about a financial decision?– Has anyone asked to be added to their will or to have power of attorney, either for financial or health care decisions?

This last question is extremely important. Too often, people are tricked into changing their will or granting power of attorney to someone who doesn’t have their best interests at heart. That’s why it’s important to be familiar with your loved one’s estate plan. As people age, it’s increasingly important to have a complete estate plan, including a will, a financial power of attorney, an advance health care directive and possibly a trust.

Just as you likely know your loved ones’ health care providers and caregivers, you should know who their legal and financial professionals are. If you are their power of attorney, this is particularly crucial. You can help protect your loved ones by getting to know their estate planning attorney and any financial advisors. They can help you work to ensure that your loved ones don’t become victims of financial abuse.

Source: Fidelity, “Prevent financial elder abuse,” accessed June 06, 2016

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When many Californians create their estate plan, their attorney will recommend setting up a revocable living trust. There are a number of advantages to having this document, both for you, while you’re still alive and well, and for your heirs and beneficiaries after you’re gone.

First, it’s important to understand what a trust is. It involves a grantor who gives property and other assets to a trustee to manage for beneficiary. One person can assume all of these roles. That’s what happens with a revocable living trust.

If you’re setting up one of these trusts, you are the initial beneficiary because the property is still yours, but will name subsequent beneficiaries who will receive the property in the trust when you die. Those beneficiaries will be able to avoid probate. Many people use this type of trust so that their family won’t have to deal with that often arduous and costly process required for any estate over $150,000.

You can also name an alternate trustee. That way, if you (the initial trustee) become incapacitated, your alternate trustee is authorized to manage it, but according to the instructions you’ve provided.

When you die, your named co-trustee or successor trustee (who may or may not be the same person you name as your alternate trustee) is in charge of distributing the assets as you’ve designated to heirs and beneficiaries. By having a revocable living trust in place, you’ve made the process much easier for that trustee than it would be otherwise.

Those who set up revocable living trusts continue to maintain control over the assets in the trust while they’re alive, and they can change the terms at any time. That’s why it’s “revocable.” However, the trust details how they want those assets to be distributed or handled after they die.

Many people place all of their assets, including their home, other property, bank accounts, retirement and investment accounts in their trust. When you do that, you’ll need to retitle any asset with your name on it, such as the deed to your home and your accounts, to the trust name. Your attorney will advise you on how to do that correctly.

While this all may sound overwhelming and complicated, an experienced California estate planning attorney will walk you through it. He or she can also be there to assist those whom you’ve chosen to carry out your wishes after you’re gone.

Source: FindLaw, “Revocable Living Trusts in California,” accessed June 03, 2016

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Two things in life are certain: death and taxes, which is probably why probate is a word that makes most people cringe. It forces you to consider your own mortality or comes into play after the loss of a loved one. You might find the term unfamiliar or confusing, not understanding what it actually means or what the process truly entails – and no one faults you for this.

In California, there are probate laws in effect that pertain to assets and estates valued more than $150,000. Monies and properties (not homes, boats, or motor homes) valued under $150,000 can often be attained by an heir or beneficiary via an affidavit and avoidance of court. However, these processes are neither easy to follow nor the only ones.

There are many forms and stipulations to those forms that need to be adhered to. Thus, finding a lawyer that is experienced and fully educated on California probate law and its practices is highly recommended by legal, financial and other professionals.

What are some of the basics of probate?

• What are probate assets? A probate asset is an asset that is held in the name of the deceased only. It is not counted as a probate asset if there are other means of determination for the beneficiary (ies), i.e.. life insurance. If not, it will be added to the estate and counted as a probate asset. Formal probates can often be avoided if there is a surviving spouse in place. In that case, the spouse can file a spousal property petition.
• What is an executor or administrator? An executor is the person that is fully in charge of managing the probate. Some of these details include bill payments, filing taxes and distribution of the estate once the court order has been attained. Usually, the executor is named in the will. In the case where there is no will, or if the executor(s) named are unwilling to perform the duty or deceased, a court can appoint one, usually the closest relatives to the decedent take priority in becoming the executor or administrator for the estate.
• How does a probate case begin? To begin a probate case, a petition must be filed in the Superior Court of the county of the deceased. Most often, the petition is prepared and filed by the attorney of the perspective executor, administrator, or personal representative. The petition in question will include information on the deceased, the executor or administrator, living heirs and beneficiaries. In addition, the size of the estate and other information – like whether bond will be required – are included in the petition as well.

Finding the right California probate lawyer is essential in probate cases. Laws often vary from county to county, so having a county-specific lawyer is key. With a probate attorney in your corner, you can have assurance that the properties or monies in question are obtained more quickly (if you are the rightful heir or beneficiary) than attempting to do so alone. Attorneys will also handle the more complicated matters at hand, like finalizing debts, disposal of property and preparation and filing all of the necessary forms and affidavits that are needed to finalize your probate case.

The Probate House L.C. is a well-known and well-respected probate law firm in Torrance, California. Our attorneys not only provide detailed assistance to individuals, but they do so with a level of compassion, care and personal attention that is not always a part of skilled legal representation.

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Your loved one has passed away. Whether the passing took you by surprise or was expected after a long-term illness, it isn’t easy to deal with their loss. When the only thing you want to do is mourn their death and look to the future, you have to think about their estate. You have to think about probate, something that can be very frustrating and confusing, particularly if this is the first time you have had to deal with the issue.

Probate law in California can be a conundrum. Attaining a lawyer is highly suggested, as they will be able to prepare and file forms and even keep the case out of court, if possible. But what do you do if the case belongs in probate court?

What if my case belongs in probate court?

Let’s look at the California court’s instructions. If a case belongs in probate court, the custodian of the will (person who actually has the will in hand at the time of the person’s death) must take the original will to the probate court’s office. The custodian must also send a copy of the will to the executor. If there is no executor to the will, or they cannot be located, the will must be sent to the beneficiary that is named in the will.

The custodian has thirty days (max) to take these steps, or they can be sued for damages. If there is no will, the court will appoint an administrator, that will be in charge of managing the state during the process. To become an administrator, you have to file a Form DE-111, a “Petition for Letters of Administration”. The administrator for the will is usually either the spouse, partner or relative of the deceased.

A “Petitioner” will start the case in court. After these steps are followed and the probate case has been filed, there will be a hearing date assigned by the clerk. The petitioner at that point is responsible for giving notice to anyone that may be legally obliged to part of the estate. This is true for surviving family members, even if they have not been named in the will.

What if the deceased left $150,000 or less?

If you are legally granted the right to personal property, including stocks or a bank account and the amount is less than $150,000, you may be able to avoid court altogether. The property can be transferred to your name and the value of the property will be worth what it was on the date of the property holder’s death. Property does not include boats, cars, mobile homes or any property outside of California. There are many stipulations as to what is included and what is excluded.

First, the amount of the property has to be assessed and valued so that it is, indeed, worth $150,000 or less. If the total value is that amount or lower, after 40 days have passed since the death of the property holder, you can write an affidavit to have the property transferred to your name. This form can be attained through a lawyer, or a bank.

There are terms to filing the affidavit properly, including not having the petitioner mail the form, assuring that you are, indeed the beneficiary with the right to the property, giving notice and making sure that the case is not already in probate court.

Confused by this most basic outline of California rules and statutes? You are not alone.

The forms and guidelines necessary to go after property or monies that you have inherited can become frustrating and confusing. Only rely on the advice of a lawyer, given based on your individual case.

The best practice is to hire an educated and experienced California probate lawyer that can help you throughout the entire process.

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People often associate the word “conservatorship” with those who have been deemed incapable of handling their own money. In fact, a court may also agree to a conservatorship for people who are not able to properly care for themselves in other facets of their life, such as food, housing and medical treatment.

Back in 2008, pop star Britney Spears’ life seemed to be coming off the rails. She was regularly in the tabloids for her erratic behavior. Her manager at the time was alleged to have not only taken a substantial percentage of her income but also to be supply her with drugs.

That year, Spears’ father Jamie and an attorney went to court to put her under a conservatorship, with the two of them as her conservators. It was approved based a mental illness (the exact nature of which wasn’t disclosed) and substance abuse.

In the ensuing eight years, Spears seems to have turned her life around. Now 34, she has a $35 million residency contract at the Las Vegas Planet Hollywood, and she’s got a new album coming out. She regularly posts Instagram photos of her two sons and her, all looking happy and healthy.

Therefore, it may be surprising to learn that the conservatorship is still in effect. Indeed, some people in the media are questioning why it is and if her father should still be controlling her considerable wealth.

Interestingly, although her sons are included in the conservatorship, Spears appears to be the one making the parenting decisions for them. That’s a rather unique situation for someone under a conservatorship. However, as one attorney notes, it seems to have worked out for her.

Conservatorships are generally temporary and subject to court-approved renewal, particularly when they are spurred by situations such as drug abuse. Therefore, the singer could likely choose to contest hers and do so successfully. If and when she does that remains to be seen.

If you have a family member or loved one whom you believe needs the protection of a conservatorship, an experienced attorney can provide advice and help guide you through the process.

Source: Fox News, “Will Britney Spears ever be treated like an adult?,” Blanche Johnson, May 11, 2016

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Did you know that Los Angeles County holds a monthly auction to sell unclaimed possessions of people who have died? These people either had no will (at least none that could be located) or had a will, but none of the heirs could be found or were alive. Further, no friends or family members claimed their belongings.

When this happens, the county stores the belongings for a period and then auctions them off. It recoups the costs of storing and auctioning the property and gives the rest to the state.

Most people would probably prefer that the state not end up with their property. However, too many people give little consideration to what will happen to their belongings after they die. They either don’t want to think about it or figure that one way or another it will work out. However, if you don’t have an estate plan — even a simple will — this is exactly what can happen.

Some people do have an estate plan, but they fail to update it over the years. In the meantime, heirs can die or move away and be difficult to locate. If your estate plan makes no alternative provisions, you have no say in where your assets end up.

Even if you have no family members or close friends to leave your property to, wouldn’t you prefer that a worthy charity get them? A local church, school or youth organization could make good use of even items of relatively little value. Many non-profit organizations take donations of household items and sell them in thrift stores to raise money. Animal rescue groups accept donations of towels and bedding. The options for letting your possessions benefit others after you’re gone are seemingly endless.

Having an estate plan doesn’t have to be an expensive, complicated procedure, particularly if you have only a simple will. However, it’s essential to keep it up-to-date and to make sure that it’s easy to locate after you’re gone.

If you have family or a close friend or caretaker, make sure that someone knows where to locate your documents and who your estate planning attorney is. If you have no living family or close friends, keep your estate planning attorney’s card in your wallet. These simple steps can help ensure that the state doesn’t inherit your assets.

Source: The Pasadena/San Gabriel Valley Journal, “Your Unintended Heir – The State,” Marlene S. Cooper, May 11, 2016

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Trusts are a key element of many people’s estate plans. Often they are used to put money or other assets aside for a child or grandchild until they reach a certain age or other milestone.

For people who have children or other family members with mental or physical disabilities, they can be used to ensure that they have the financial resources they need for their care and that no one can misuse those assets. These are called special needs trusts.

These trusts are often established to manage the beneficiary’s assets when they aren’t able to do so themselves. It can be a place to safeguard disability benefits, government assistance and/or the settlement from a lawsuit if someone was held liable for the person’s disability. If and when the beneficiary inherits money, that can be placed in the trust.

The trustee, or person who manages the trust, is often the person who set it up. However, another family member may be designated the trustee. If a family member isn’t able to be the trustee, a court will appoint a third party to take on the responsibility.

Of course, the primary advantage of a special needs trust is that your loved one’s assets are in a safe place where they can be used for medical care, therapy, education, home health care, residential care and other needs. They are under your control or that of someone you trust who won’t take advantage of the beneficiary. However, they have the added advantage of being untouchable should the beneficiary be sued for any reason.

Although special needs trusts all have some similarities, each should be designed to meet the unique needs of the beneficiary and to follow the rules of the state. An experienced California estate planning attorney can work with you to set up a special needs trust for a loved one and to help you ensure that the trust will remain in good hands even if that loved one outlives you.

Source: FindLaw, “Special Needs Trusts FAQs,” accessed May 12, 2016

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As shocking as the death of music icon Prince last month at 57 years old was to millions of fans around the world, the reports that he seems to have left no will or other estate planning documents are also shocking to many people. Why would a multimillionaire with vast amounts of music that will earn money for years to come not have an estate plan to detail who gets his assets and the rights to his music?

Of course, one can only speculate about what his particular reasons were. However, failure to have a will is a far too common problem. The majority, and perhaps as many as almost two-thirds of Americans die “intestate,” or without a will. While Prince’s family and business partners may have a lengthy, expensive mess to sort out, so does any family on some level when a loved one dies intestate.

By not leaving a will, what happens to your assets depends on state law. There is a line of succession regarding what family members are entitled to an inheritance, usually starting with a surviving spouse and then children. In Prince’s case, it seems as though his siblings will be dividing his fortune. Of course, people could claim to be his children, further complicating things.

Many people don’t have a will because they simply don’t want to contemplate their own death. Others just assume that their family will work it out. Still others simply don’t care what happens to their money after they’re gone. Many people simply don’t believe that they don’t have enough assets to bother making a will.

However, what’s important to remember is that by not having a will, you put the burden and expense on your family to go through probate. Further, you basically hand over a portion of your estate to the government in fees and taxes. Lastly, you forfeit any say in what happens to whatever assets you have.

Even if it amounts to a few thousand dollars, would you rather the government get it or a youth organization, church or animal rescue group in your community that could put it to good use? A California estate planning attorney can help you draft a will and any other documents based on your own situation.

Source: CNN, “Prince’s will saga: dramatic but not surprising,” Danny Cevallos, April 28, 2016

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Saying good-bye to a loved one is never easy, but it is far more difficult when left with an unorganized estate plan, complicated assets and no direction. One daunting task involves closing their accounts. The methods of closing accounts are not uniform and in some cases, it can become a frustrating or even drawn-out nightmare.

Here are some things to consider if you are faced with canceling accounts for a loved one.

• Credit cards and bank accounts: Some companies are more sensitive to grieving survivors. Discover even has a special department dedicated to handling the closing of accounts for deceased individuals. Other companies are not so friendly and unless you are a co-borrower or joint account-holder, you may not be able to close the account meaning it will go to probate. An attorney can handle this process but only if you have retained one.
• Mortgages: What about the house and property? If there are two names on the mortgage, then it would generally revert to the survivor, but the death should be reported so that sole ownership can be established. Again, different companies can have their own procedures and it is in your best interest to contact the company in question to ask about their policies.
• Student loans: In this day and age, student loans seem to follow a graduate for the rest of their lives. Federal student loans are canceled and remaining debt discharged if the borrower dies. Private student loans are an entirely different story, so it is a good idea to explore the policies for your loved one’s student loans.
• Utilities/services: Complaints about poor customer service and frustrating process involving utility and other service companies are not without basis. Canceling services due to death is no exception. Some companies even require the survivor or estate to pay fees for the cancelation. It can also be a challenge to get the necessary information to the correct person.
• Social media: It can be difficult to see your loved one’s picture in your Facebook feed the same day you attended their funeral, but you also have to worry about somebody accessing and using the profile. Many social media platforms have devised options for somebody else to access their accounts in the event of death. Facebook allows users to designate one “legacy contact” via the Security menu. It can also allow you to keep a profile up (but regulate use) for those who want to leave messages or share stories.
• Digital assets: What about that extensive Kindle library or all of those iTunes songs? Consider the photos uploaded to photo-sharing sites as well. It is important to know how much of this can be passed on to an estate and how much simply reverts back to the source. Books and music do not necessarily pass on to heirs but photos and emails might. It is important to look into the terms of service and keep a record of digital property as well as how to access all of it.

The bottom line is that closing accounts under these circumstances may not be clear cut or very simple. Estate planners, administrators and financial advisors can help you and your loved ones create a plan to hopefully make it easier on everyone.

Source: Consumerist, “The Grim But Necessary Art Of Closing Accounts For Dead Family Members & Loved Ones,” Ashlee Kieler, March 31, 2016 

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