One issue that comes up when making a will is whether to require your designated personal representative (a/k/a executor) to post a bond. California law requires any personal representative to post bond as a condition of his or her appointment. The purpose of the bond is to protect the interested…
One of the most important reasons to make an estate plan is to provide for your family after you are gone, but family can be a legally complicated concept. For instance, if you voluntarily make child support payments for a minor who does not live with you, do those payments…
Estate planning is not just about taking care of your family. It is also about taking care of your creditors. Your death does not magically make your debts disappear. The personal representative of your estate has a legal obligation to pay your valid debts from the assets in your probate…
Selecting a personal representative or executor for your estate is often the most important estate planning decision you will make. In most cases a spouse or family member is named as executor. But there may be situations in which you may wish to consider someone from outside the family, such…
Divorce often alters a person’s estate planning priorities. After all, if you previously signed a will leaving your entire estate to your spouse, you probably want to reconsider that arrangement after your divorce becomes final. California law assumes that any gift you make to an ex-spouse under a pre-divorce will…
It is always a good idea to make a will. Although the law of intestacy provides for the distribution of your assets if you die without leaving a will, making a will (or trust) allows you to decide who should inherit from your estate. This can be especially important if…
Signing a last will and testament is often not a one-time affair. You may in fact execute several wills over the course of your lifetime. While a “last” will usually refers to the document signed most recently before your death, there are occasions when a California probate court may find…
Recently a California appeals court faced an unusual situation. A woman wanted to reopen her late husband’s estate nearly 25 years after his death. The widow claimed there was a “clerical error” in the original probate court order that led to the unintentional omission of her children from a prior…
Nearly 60 million Americans receive Social Security benefits. Approximately two-thirds of these recipients are retired workers. According to Social Security, retirement benefits “represent about 39 percent of the income of the elderly.” But what happens to those benefits after the recipient dies? Can your estate continue to receive your Social…
A trust refers to any agreement where a person—the settlor—transfers certain property to a trustee, who must then administer that property as directed by the trust instrument. In estate planning, a revocable living trust allows the settlor to name herself as trustee during his lifetime and a successor trustee who…