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Probate and Estate Administration Archives

What are powers of appointment?

Once you begin to get deeply involved in the estate planning process in Woodland Hills, you may begin to hear the term "power of appointment" frequently used. What does this mean? Essentially, the power of appointment is the granting of authority to another to dispense or dispose of property. In the case of a will, for example, you as the testator may choose to grant the power of appointment to a family member, friend or colleague. That person then assumes the role of donee. A donee differs from a trustee in that he or she is not charged with managing property or investing assets, but rather simply dispensing them.

Tax dispute over Tom Clancy’s estate settled by court

For those in Woodland Hills who have considerable assets to pass on to beneficiaries, one concern that they may want to address is estate taxes. In many cases, tax considerations are often overlooked in estate planning because one’s estate must reach several millions of dollars in value in order to meet the federal estate tax requirements. If one’s estate does warrant taxes being levied, then the issue of how they are paid could potentially cause tension amongst beneficiaries.

How much does probate cost?

If you have begun to look into estate planning in Woodland Hills, then you have likely heard the recommendation that you do what you can to avoid having your estate go into probate. The primary reason why so many may tell you to avoid probate is the financial cost that it can exact on your estate. This may inevitably prompt you to question exactly how much the probate process can cost.

Exotic car collection being returned to Paul Walker’s estate

Many in Woodland Hills may assume that the estate administration process is a brief, fleeting matter that those to whom it may concern will only have to deal with for a short time. While that may be the case in certain situations, other cases may continue on for years as disputes and other matters are dealt with. The size of an estate may certainly play a factor in how long it takes to be properly executed and closed. Larger estates with a high volume of assets may take longer to disperse. Questions involving liability in the death of the testator of such an estate may serve to further delay its administration.

Understanding the Probate Homestead Exemption

Most in Woodland Hills would likely list their homes as being among their most valuable possessions. That's likely due to the fact that one's home is much more than just a simple investment building equity. Rather, it offers peace-of-mind in knowing that one always has a place that he or she as well as his or her family can rely on to provide comfort and protection. Yet for all of the intrinsic and financial value that a home may have, it is surprising how little so many do to protect it in the event of their deaths.

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.

Firm sues Michael Jackson’s estate for unpaid legal aid

One the main concerns that those who are asked to serve as executors to estates in Woodland Hills may have is dealing with the debts that a decedent leaves behind. The roles of the executor include identifying any outstanding liabilities and ensure that they are paid out of the estate’s assets. In the search for any debts that a deceased person still may owe, the issue of whether or not a debt account is actually valid may arise. If such a dispute does surface, the estate could become the target of a lawsuit from the creditor in question.

Three things you need to know about probate in California

When a loved one passes away, you may be tasked with the responsibility of executing their estate. In some circumstances, this may mean that you will need to go through probate to ensure that the assets are distributed according to your loved one's final wishes.

Addressing a murderer's claim to an inheritance

The comical musing that one is in such a hurry to receive his or her inheritance that he or she is willing to kill for it is certainly one we've heard before here at The Law Offices of Alice A. Salvo. Yet as silly as this idea may seem, enough validity has been attributed to the actual intent that language has been included in the California Probate Code addressing it. Thus, you may need to be familiar with it if you have been asked to serve as the personal representative or executor of an estate in Woodland Hills.

Living wills vs. other estate planning documents

When most in San Fernando Valley hear the word “will,” they likely think of a last will and testament that states how or to whom one wants his or her assets distributed following his or her death. Yet few likely know that there are many different types of wills, some of which have little to do with death. One of these is a living will. As the name implies, this estate planning document addresses issues while one is still alive. However, unlike a living trust, a living will does not deal with the management of one’s assets, but rather his or her health.

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