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May 2016 Archives

Understanding the difference between heirs and beneficiaries

For many in Woodland Hills, the details regarding who is entitled to estate assets may be difficult to understand due to the unique vernacular of the law. An example of this is the confusion that exists between the titles “heir” and “beneficiary.” Many may use the words interchangeably, when in reality they have very different meanings.

New estate protection bill inspired by the late artist Prince

Woodland Hills residents have likely heard for years how important it is from them to not put off their estate planning. The risk one assumes by not having any certified documentation outlining his or her final wishes is that a veritable ‘open season’ may ensue among those who claim to be interested parties to his or estate. In some cases, those interests may go beyond the tangible assets included in an estate. If it also contains properties, original works, or even name recognition that could be of value, then those associated with the estate may also want to try an exploit them, as well. Without the proper estate planning documents, there may be little that can be done to stop them from doing so.

Business succession is a big part of estate planning

If you own and operate a business, it's vital that you have proper estate planning. That can protect the continuity of your business, and help ensure that it is passed down to the people you intended to operate it. Here are three of the most important things to consider when it comes to estate planning and business succession.

When are you deemed unable to make your own decisions?

An important part of estate planning in Woodland Hills is making decisions surrounding your end-of-life care. Accidents, disease, or the effects of advancing age could place you in the position of being unable to make rational decisions regarding your own care. At what point are you considered to be unable to make sound choices for yourself? The answer to that question may be open to interpretation. What some may see as incapable of logical thought, others may view as slow and uninformed. Fortunately, the California Probate Code leaves little room to speculate on this matter.

Approaching retirement? An important estate planning tip to remember

You have worked your entire life and are looking forward to finally spending some time relaxing. Perhaps you are planning on taking a long vacation with your spouse, or maybe simply going to visit your grandkids. Whatever you decide to do, you are happy, healthy and looking forward to what is next.

Detailing The California Probate Code's methods of disbursement

Taking on the job of being the executor to one's estate in Woodland Hills can be a daunting task. Thus, for many of those estates whose disbursement we here at The Law Offices of Alice A. Salvo assist with, we recommend executors learn all that they can about estate distribution methods. If you have been tasked with executing the wishes outlined in a family member or friend's will, you may be happy to learn that you have plenty of resources available to help you understand the job you are about to do.

Revoking the probate of a will

Many estate planning strategies are geared towards helping Woodland Hills residents avoid having their estates go to probate. Most typically try to avoid probate due to the time that it takes to complete the process and the expense that comes with it. Still, thousands of estate cases go to probate each year. Caseload information shared by the Judicial Council of California shows that for the 2012-13 fiscal year, 41,419 probate cases were filed in the state's courts. Yet simply because an estate case goes to probate does not mean that it has to stay there.

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Woodland Hills, CA 91364

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