Probate, Estate Planning and Trust Law
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Heirs and Beneficiaries Archives

What is a holographic will?

You may hear stories of people coming forth after a wealthy individual has died claiming to have helped the decedent and in return being promised his or her entire fortune. Often, the only evidence that such people can produce is a handwritten will. Such stories may be easy for you and others in Woodland Hills to dismiss, yet they prompt the question of whether or not a handwritten will is actually valid.

Heirs see proceeds of sale of figurines 80 years later

Many in Woodland Hills may wonder what sort of assets make up their estates, and how far those properties can go in generating income and other benefits for their beneficiaries. Any tangible (and in some cases, intangible) property can qualify as estate assets. That means that one’s cash accounts, securities, real estate holdings, investment accounts, and precious items may all be made to benefit one’s family, friends, or other parties once he or she is gone.

Debt allocation after death

Many in Woodland Hills may joke about dying penniless and poor, yet in the case of many local residents, their financial circumstances may actually be worse than that. Recently, statistics seem to show that more and more people are dying in debt. Information shared by Fox Business shows that as many as 73 percent of Americans carry debt at the time of their deaths. The average amounts carried by those who do die in debt is just under $62,000.

Intestate succession when there is no surviving spouse or issue

For many in the San Fernando Valley, the issue of estate planning may engender absolutely no sense of urgency, as most believe that they will have ample time to address it later on in life. Others may believe that they simply do not need a will. These attitudes no doubt contribute to the fact that, according to information shared by USA Today, as many as 64 percent of Americans currently do not have a will.

Dispute arises between siblings over amendment to father’s estate

When preparing estate planning documents, it may be vital that Woodland Hills residents keep all of those that may be interested parties to their estates involved in the process. That may help to eliminate the chance for disputes between heirs and beneficiaries once those people are gone. Yet even with apparently open channels of communication, disagreements may arise if and when those impacted by amendments to documents such as wills or trusts are informed of those changes.

Heir suing to stop upcoming Broadway production

Many in Woodland Hills may believe that the process of handling one’s estate is a relatively short-term task involving the simple transfer of assets and/or property to designated beneficiaries. While it may be that simple in some cases, others may involve a much more long-term commitment on the part of the parties involved to ensure that an estate’s property is not infringed upon in the future. Whenever copyrighted works or intellectual property are linked an estate, any use of such materials may need to first be given the approval of those with an interest in it. Such parties may even end up having to fight to ensure that their rights of ownership of such properties are respected.

Siblings battle over change to deceased father’s estate plan

Among the primary reasons as to why Woodland Hills residents are encouraged to begin the process of estate planning early on in their lives is to avoid the potential for future disputes arising amongst their beneficiaries. However, having one’s wishes stipulated in estate planning documents may not provide an iron-clad guarantee that disagreements will not occur. One may be surprised to see how bitter estate disputes can become, and how quickly the beneficiaries involved can expand their alleged grievances to target other parties.

Understanding interest limitations contingent upon future events

Without the assistance of us here at the Law Offices of Alice A. Salvo to help you understand revocable trusts, you likely know little about the actual trust you are party to in Woodland Hills other than your interest in its assets. Yet did you know that the settlor can create conditional clauses based upon future events that could impact your interest? If such a clause is in effect, then you would most definitely want to know.

Knowing the limitations to a trustee's discretionary powers

When you have been named as the beneficiary of a trust in Woodland Hills, it may not be uncommon for you and any other interested parties to feel frustrated about your apparent lack of control over matters. Given that the assets of the trust may have been significantly designated to benefit you, it is difficult to feel as though you are at the mercy of the trustee's discretion. Many have come to us here at The Law Offices of Alice A. Salvo questioning exactly how much discretion a trustee has in exercising his or her duties. The answer depends largely on the details of the trust itself.

Proving that you are an heir

For those in Woodland Hills who are not able to work with us here at the Law Offices of Alice A. Salvo to officially designate beneficiaries to their estates, the issue of who is given ownership of their assets upon their deaths is dictated by state law. If you, for example, had a parent who died without a will, then you may be considered an heir to his or her estate. However, unless you are directly identified as so, you may have to go through the process of proving yourself to be one.