Any additional information that will aid the court in deciding on whether it should approve the estate may also be taken, including the identity of the deceased, the relationship between the dead and the proposed personal representative, and the reason the estate needs to be probated. Because state laws govern most aspects of trust creation and trust administration, we must look to California law to determine if a spendthrift provision within a trust agreement is enforceable. In other words, if the only asset in the estate is a piece of real property appraised at $750,000, that property has a loan or mortgage on it with a balance owed of $450,000. Taxing the Generation-Skipping Transfer Trust (GST). You should also remember that a will alone may not avoid the probate court process after death, especially if you own a home. Consequently, a will does not need to be notarized to be valid; just writing a will on your own and getting it notarized may not be legally sufficient. Probate and Estate Planning Lawyers typically charge much more for a living trust than a Will, even though a simple living trust is a fairly standard document like a Will. Witness Requirements: A valid will must have witnesses, but the requirements for witnesses are somewhat fuzzy between counties. The witness requirement is there to protect against fraud and undue influence. When observing conditions are not met, the Will may be deemed invalid, and the estate will follow the statute for distribution. The trust is invisible to the Internal Revenue Service (IRS) for all practical purposes. There is a downside to doing this, however. Suppose a client retains their original Will, but nobody can locate it upon their death. I am looking for an ideal generation skipping trust. Yes, Steve Bliss with Moreno Valley Probate Law offers the legal services with an achievable generation skipping trust. Another misconception is that if a home has no equity, it won’t go through probate when the amount of equity is irrelevant. This will allow the executor certain post-mortem estate planning choices in the Federal Estate Tax Return (IRS Form 706), which the executor can use to decrease or eliminate the federal estate tax burden on the family.
Moreno Valley Probate Law23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553
(951) 363-4949
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probate lawyer 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 582-3800 |
estate planning attorney 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
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living trust lawyer 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 +1(951) 363-4949 |
living trust attorney 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
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If the title of an asset needs to be transferred into someone else’s name, the personal representative must take care of that. guardian over the minor’s Estate to hold and manage the money. Your Estate will have to pay attorney fees to handle the guardianship proceedings to appoint the guardian, and the guardian may not be someone you want to oversee your children’s money. Perhaps the most common mistake is to fail to transfer the legal title of assets to the trust, known as funding the trust. A living revocable trust becomes effective immediately. Those who think they can do this without an attorney are asking for trouble; honestly, an attorney who represents himself has a fool for a client, so even an attorney shouldn’t express himself in a probate proceeding, let alone an individual with no legal training. If there is no will, or the Will does not designate an executor, then “any interested person” over 18 years old may submit the same form, requesting to be appointed the administrator (functionally, this is the same as the executor – both of which are considered “personal representatives”) of the decedent’s estate. A flat fee means they don’t have to keep detailed records of how they spend their time, either. An executor is a fiduciary. You will have to follow the procedural rules of the probate court and safeguard property for heirs. Notwithstanding, the maker alone can control both the managerial and investment decisions as a Trustee while using or otherwise spending the trust assets without limitation as a beneficiary. You can even create a lifetime trust for your heirs, providing some creditor protection and other benefits to safeguard their legacy. These estate planning devices can be discussed with an experienced attorney handling wills and trusts. Therefore, once you establish the trust, you will lose control over the assets and you cannot change any terms or decide to dissolve the trust. Moreover, the Trustee is in control of managing the property. It’s prudent to seek the advice of a trust and estate planning attorney to make sure proceedings go as planned. In other words, a trustee is not required to enforce every claim, only those that are deemed cost-effective and likely to succeed.
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Moreno Valley probate attorney 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
probate attorney Moreno Valley 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley probate lawyer 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
probate lawyer Moreno Valley 23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 (951) 363-4949 |
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State Filing Laws: You aren’t required to serve as the executor of a will, even if you made a promise to the deceased that you would. This doesn’t mean you can stick the deceased’s Will in a drawer and forget about it. Most states require any person in possession of an original signed will to deposit it at the county court where the deceased resided. Filing deadlines vary by state and range from 30 days to 3 months. The beneficiary support exception continues to protect assets designated for the Beneficiary’s support. NCGS Section 31-3.4 recognizes holographic wills and provides as follows:
(a) A holographic will is a will
(1) Written entirely in the handwriting of the testator, but when all the words appearing on a paper in the handwriting of the testator are sufficient to constitute a valid holographic will, the fact that other words or printed matter appear thereon not in the handwriting of the testator, and not affecting the meaning of the words in such handwriting, shall not affect the validity of the will, and
(2) Subscribed by the testator, or with the testator’s name written in or on the will in the testator’s handwriting, and
(3) Found after the testator’s death among the testator’s valuable papers or effects, or in a safe-deposit box or another safe place where it was deposited by the testator or under the testator’s authority, or in the possession or custody of some person with whom, or some firm or corporation with which, it was deposited by the testator or under the testator’s authority for safekeeping.
(b) No attesting witness to a holographic will is required.
If you have questions about making a will, determining if a will is valid, avoiding probate, or distributing assets and inheritance, contact our office for a consultation to discuss these crucial issues. Where Is Probate Filed?. Feel free to schedule a consultation right away, either by calling us or using the contact form on our website available below. Creating a valid and effective living trust is a precise process that requires all of the steps to be completed correctly for it to achieve its intended purpose. Some storefront legal services charge less than $200 for Will preparation. Still, you may not get the attention you want from a trust attorney, or a paralegal may end up being the one to draft your forms. I am looking for an ideal asset protection trust lawyer. Yes, Steve Bliss with Moreno Valley Probate Law offers the legal services with an achievable asset protection trust lawyer. A probate proceeding is not always required upon death. If the daughter loses the Will, either just by misplacing it, or even if there’s some flood or fire in her home that destroys it, there is no such presumption that mom revoked it, and the Court will readily probate a photocopy of the document. For deaths in 2022, the federal government will impose estate tax at your end only if your taxable estate is worth more than $12.06 million. If these items are in a trust, the answers should all be in a properly prepared trust document. If there is a piece of real estate worth less than $150,000, a straightforward process is entitled a “petition to succession.” It takes about 90 days to get through, but it’s a brief and much less expensive proceeding. The client gives her adult daughter the original Will and tells her that she will need to bring this to the probate court upon her death. QTIP Trusts, Medicaid, and Supplemental Needs Trusts. As Trustee of your Trust, you can do anything you could do before – buy and sell assets, change or even cancel your Trust. The reality is that if you do your own bankruptcy or your own divorce, somebody will tell you if you made a mistake. The Spendthrift Trust: California Probate Code Sections 15300 and 15301 states that a California trust can provide that a beneficiary’s interest in the income and principal of a trust cannot “be subject to voluntary or involuntary transfer.”.
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In other words, the trust only exists once a person dies and their Will gets admitted into the probate court. A petition, which summarizes the estate and reports all actions taken on behalf of the state, will be filed with the court. Still, the reality is that there is more elder abuse surrounding powers of attorney than most other things because, when people are dealing with other people’s money, they get weird. That’s what confuses people; they think the existence of a will means there’s no probate, but the fact is, you really can’t do much with the Will without the judge’s court order. This is because executor fees are considered taxable income for state and federal taxes, whereas inheritances are generally not. How Do I Transfer Assets Into A Trust?. The actual amount of your payment will differ according to your age and family circumstance. If you have reached full retirement age, you get 100 percent of the benefit your spouse was (or would have been) collecting. Who should you never name as beneficiary? It will save your family time and money. And the heartache of disputes if you were to die and not leave clear instructions on who is to get what. When properly created and funded, a trust is usually an easier, faster, and less expensive way to pass your assets to your beneficiaries, especially if minor children are involved. Talk to a qualified estate planning attorney to learn more about the importance of estate planning and partner with other professionals to help you develop an estate plan. California requires creditors to submit their claims within four months of the appointment of the personal representative. Deciding on a trust. As you already know, the purpose of your will is to ensure that the property you want to be given to certain heirs upon your death is handled according to your wishes. To find out who inherits these property types, you’ll need to locate the records in which the beneficiary designation was established. If you realize that you have placed that asset in a trust, you may be able to change the terms of your Trust and retake ownership of the asset if your Trust is revocable. What Power Does an Executor of a Will Have? Therefore, the Executor would be entitled to the Executor’s fees of $18,000. Hold your property in a living trust.
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Criminal liability could occur if the failure to file a will is coupled with an intent to conceal the existence of the Will for financial gain. Who Initiates Probate? Probate is the term for a legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person’s Will or the estate of a deceased person without a will. The trust avoids probate, the legal process required to transfer ownership of assets from a deceased individual to a living heir. Moreover, a trust allows you to manage and protect your assets as you, the grantor, or owner, age. It is how some assets are legally passed from the deceased person to their heirs or beneficiaries. We have extensive professionals assisting clients with these issues. In other words, the will has no authority over a trust’s assets, including cash, equities, bonds, real estate, automobiles, jewelry, artwork, and other tangible items. What if I tell someone to write the will for me to sign it? It is crucial that you understand the answers to these questions before preparing a handwritten will for yourself. If the Petitioner is a nonresident, s/he will likely be required to post a bond. More Than a Will: Estate Planning Packages. The reality is that if you do your own bankruptcy or your own divorce, somebody will tell you if you made a mistake. Make final arrangements. For example, some people do not want it known that they own property in Trust. In these circumstances, the trustees will form a partnership to hold title to the property. A probate proceeding will typically begin by analyzing whether or not the deceased person has provided a legalized will. If you’ve been named the administrator or executor of an estate, you’ll need to inventory property and possessions and determine what’s subject to probate and what isn’t. Consulting a legal service provider or estate planning attorney helps save you time and gives you peace of mind knowing you’re protecting your loved ones in life and death.