The impact of a loved one passing is intensely personal. That may be one reason so many people are concerned about the public nature of going through probate. Courts oversee the probate process, and the point of probate is to properly distribute assets. This is done either based on the terms of the will or ..read more

The death of a spouse is an enormous burden for the spouse left behind. During this time of grief and loss, a surviving spouse must also deal with financial realities. This includes finding the right way to handle the deceased spouse’s existing debt. When a spouse dies what happens to their debt? Debt is a very common issue among Americans. Depending on the type of debt involved, it may not go away when the debt holder passes. In many cases, the money to pay off debt comes from the deceased person’s estate. Most debts won’t pass from the deceased person to a surviving spouse, child, or another ..read more

Serving Families & Individuals in Palo Alto, CA and the Surrounding Areas You may have heard probate horror stories. You can avoid one if you take the time to plan your estate. But even if you’ve planned your estate, let’s look at how an estate is probated (in California) in case you’re faced with a relative who hasn’t done his/her planning. Filing a will within 30 days In California the probate process begins in the Probate Court of each county. California law requires that the decedent’s Will be filed with the Probate Court Clerk in the county where the decedent resided. The Will must be ..read more

Probate is the name for the legal process of determining how a person’s possessions are divided when they pass away. For many people, this process is confined to the state where they lived at the end of their life. If you have assets in another state, then you will have to open a probate case in that state as well. That process is called ancillary probate. As is the case with standard probate, there are steps you can take to avoid ancillary probate. Probate can be a costly and time-consuming process, and the thought of going through it in multiple states can be too much for some people. The go ..read more

“An essential part of estate planning is selecting someone to represent you after your death in the management of your estate. This personal representative is also known as an executor, or executrix, if you choose a woman as your personal representative.” An executor is the person who’ll manage your estate by protecting your assets, paying your debts and distributing the remaining property according to the terms in the will. But Programming Insider’s recent article, “Role of the Court When There is No Will For an Estate, asks “what would happen if someone dies without a wil ..read more

“Advisors were likely powerless to push for an $800 million estate plan, as Zappos founder started to drift into unhealthy habits. The family now has to sort it out.” Zappos founder Tony Hsieh did not quite make “billionaire” status. However, he was close, selling several companies for an $800 million personal payday. Wealth Advisor’s recent article entitled “Even Mega-Millionaires Die With No Will: Tony Hsieh Family Steps Up” explains that when leaving that much cash behind, heirs need only invest in Treasury Bonds to be set for life. However, when you die on a reported girlfr ..read more

Many individuals go through the estate planning process and set up a revocable trust to avoid probate court. The probate process can be lengthy and costly; by forming a revocable trust, you can entirely avoid the probate process. Unfortunately, for many who have gone through the process of creating a revocable trust, their estates may still end up in probate court as if the trust were never created. There are many critical steps along the way that, if missed, will invalidate the trust, including: Having a poorly written trust. Few people can draft a legal revocable trust. Many details and pro ..read more

California is a community property state. How will you know what is considered community property in California inheritance law?  California’s inheritance laws – and especially those related to community property – can get incredibly confusing quickly. When there is no valid will put into place by the deceased, or when the couple has high-value assets, the application of these laws can also become very intricate. A brief overview of how inheritance relates to both community property and separate property by California is below. Community Property Defined Most states follow what is called ..read more