If you die without a will you will not be able to choose who receives your assets. Instead, your closest relatives or heirs inherit your wealth according to intestate succession laws. Intestate succession laws control which surviving family members of the decedent inherit their assets after probate when the person did not leave a will. The statutory [...]
The biggest benefit of having a trust is that it avoids probate. In California, estates with real property or estates valued over $166,250 usually have to be settled through some type of formal court probate process. This process is very costly and can take from 5 to 7 months to complete. With a trust, administration [...]
Probate is a legal proceeding required to settle a deceased person’s estate, paying all debts of the decedent, and distributing the property to the heirs and beneficiaries. When a Living Trust holds the title to some of the decedent’s property, however, that property can pass to the beneficiaries without going through probate. A court probate of [...]
A living trust is a legal document established during a person’s lifetime which specifies how their property will be managed before and after their death, as well as provides a plan for how those assets, and the income earned by the trust, are distributed after his or her death. Once the trust is established, all [...]
You should have an estate plan if: You are the parent of a minor or disabled child. You have property that you care about. You care about your health care treatment.
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