If you own property, have assets, or have any other significant personal or financial interests, it is important to create a plan for your estate upon your death. Understanding some estate planning basics will make it easier to approach this important task. A thoughtful approach is crucial for anybody with such assets – old or young, male or female, regardless of one’s health or socioeconomic status. An person who writes a will is known as its testator.
Estate planning falls under the legal category of “probate law.” In California, the California Probate Code outlines the regulations for estate planning and other probate issues for state residents.
Various issues can arise in the estate planning process. When you begin the estate planning process, you may consider talking to a probate attorney about your needs and your desires for your assets after your death. For some people, planning their long-term medical care is an important part of the estate planning process. For others, making sure that all beneficiaries receive a fair share of one’s estate is the top priority.
Estate Planning Basics – Identify Important Issues
Making plans for one’s estate is not always a simple, straightforward process. The following topics are basics for estate planning and point out some common issues of consideration during the estate planning process.
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Gifts;
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My husband, Gabe Potter purchased our home & paid it off before we were married. In his family trust the property is to go 50% to his daughter & 50% to me. We have been married 25 years & lived together 11 years prior. He recently did a TOD naming the property to go to his daughter. My question is does the TOD take over the family trust & take away my 50% or am I protected by the family trust should he die before I do?
Thank you kindly,
Regena Potter
747regena@cox.net
619-249-7900
You would need to check and see how the actual title to the property is held. The property may not even be titled in your trust. Just because it was mentioned in the trust doesn’t mean it is titled in the trust. I would suggest you pull the title as soon as possible and check it out.