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.
Divorce can cause a lot of complications in a number of areas of life. One of those areas is estate planning. Take just one estate planning issue: beneficiary designations. These, of course, refer to selections regarding who is to receive the proceeds of life insurance policies and other accounts with beneficiary designations. These assets pass outside of probate, which is an advantage in many ways, but it is important to keep them updated so that the proceeds get to where they are supposed to go when the insured dies.
Most of our California readers have dealt with beneficiary designations at one point or another. Beneficiary designations are specifications as to who will receive the proceeds of an account at the death of the account holder. They are used in IRAs, mutual funds, life insurance policies, bank and brokerage accounts and annuities.
The sudden death of a loved one can be incredibly stressful for any family. But when that person dies without having written up a will, this trying time can become that much more difficult to handle. Such may be the case for 40-year-old actor Paul Walker who recently died in a serious car accident in Valencia just days ago. At the age of 40, not many people think about the state of their estate or even begin planning for what should happen to it in the event of a passing. Now people are beginning to wonder if this could be the case for Walker and are questioning the future of his estate.
Legal problems regarding a last will and testament are never a source of joy for families, even for the party or parties who initiate them in hopes of getting more of what they deserve—perhaps especially for them. Family members of the late Robert Cohen, founder of Hudson News, a chain of newsstands and stored typically found in airports and train stations, are currently embroiled in a probate dispute over Cohen’s will.