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September 2017 Archives

Applying property types to estate planning

When you hear terms like "community property" being used, you likely assume that one is referring to divorce proceedings occurring in Woodland Hills. Regarding estate planning, most that we here at the Law Offices of Alice A. Salvo assist are surprised to learn that such principles also apply. You might think that the law gives you the freedom to dispose of your property however you wish. Unfortunately, that may not exactly be the case. 

Reviewing how your divorce affects your will

When you wed your spouse in Woodland Hills, you likely did so with every intention of providing him or her with the very best you could, both during your lives together and once you passed on. Yet, as we all know, different factors can often cause the feelings a couple shares to sour and eventually seek a divorce. All too often, clients come to us here at The Law Offices of Alice A. Salvo in a panic after learning that the loved ones whose estates they are parties to failed to amend their wills following their divorces. If you forget to take this all-important step, does that mean that your ex-spouse still maintains whatever rights and powers you endowed upon him or her in your will? 

Determining a trustee's liability

Being party to a trust in Woodland Hills can be a nerve-wracking proposition given that your interest in it are wholly impacted by the actions of another. While you of course want to trust that the settlor of the trust chose a trustee that he or she believed and had faith in, the idea of the trustee working with absolute impunity may seem unsettling to you. Several in your position have come to us here at The Law Offices of Alice A. Salvo with the same concerns, wanting to know what standard of accountability a trustee is held to and what liability he or she assumes in he or she fails in his or her duties. 

Why choose cotrustees?

When sitting down to consider your estate planning options in Woodland Hills, you might want to keep the idea of managing your assets through a trust towards the front of your mind. This will hopefully ensure their wise management for the benefit of your beneficiaries (or yourself, should you become incapacitated). One question then looms: Who should you choose to be your trustee? You can always go with a bank or legal firm, yet such a decision will likely cost more than having a family member or trusted friend fill the role. It is for this reason why many choose to keep their trustees in the family. Yet when doing so, some say it might be wiser to name a team of co-trustees. 

3 aspects of probate you may need to know

After a loved one dies, you certainly know that many tasks will need attention. However, you may find yourself among numerous other Woodland Hills residents who feel some confusion when it comes to settling the estate of a deceased individual. Though certain terms may seem familiar to you, knowing how to apply those terms and what the processes associated with them entail could seem like foreign concepts.

Living wills versus last wills

California residents may at some point end up having to deal with either writing a will of their own, or handling someone else's will. In these situations, it's good to know the difference between the different types of wills. In this segment, we take a look at living wills and last wills.

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Woodland Hills, CA 91364

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