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October 2014 Archives

Understanding the notification responsibilities of a trustee

California heirs and trust beneficiaries may be interested in some information about the notification responsibilities that a trustee has in trust administration. These responsibilities can affect a beneficiary's rights to the property contained in the trust, making them important to understand.

Children born after a parent dies might be an heir

When people pass away in California, a probate court often decides what happens to their belongings. A main component of this process is deciding who are the beneficiaries of the estate. Children are usually considered heirs to an estate, even if the children are born after their parent dies. However, California law states certain conditions that must be met for children conceived and born after a parent's death to receive an inheritance.

Designating estate beneficiaries in California

Anyone holding a policy with a payout upon the death of the policy holder must designate beneficiaries to inherit the funds. In addition to naming beneficiaries for life insurance policies, retirement plans, annuities and IRAs, California residents should carefully consider how they select their heirs. To preserve a legacy, careful estate planning is essential.

What is A-B trust planning?

Some California couples who are planning their estates may have assets above the estate tax threshold. In order to entirely avoid or reduce estate taxes on amounts beyond the level of exclusion, many people choose A-B trust planning, a type of irrevocable trust than can be created either by will or as part of an ongoing living trust that will be implemented upon a person's death.

Keys to estate planning for California residents

After an individual passes away, it may be necessary to go through probate to settle that person's estate. However, it may be possible in some cases to bypass the court process, which is known as probate. The purpose of probate is to determine if a will is valid, to take care of any final financial issues and to transfer property to heirs.

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