Most high-asset couples already have a will in place, and several in California also have living trusts completed so that they can avoid the probate process, transferring assets sooner with smaller legal fees. If you haven’t set up a living trust, or know that your parents have one, you may not realize that living trusts can protect assets and their terms remain private information upon death (which probate does not).
A power of attorney is a representative you choose to handle financial and medical decisions should you become incapacitated. Making the right selection is crucial to ensure medical staff and family are fully aware of your decisions, while also making certain that these wishes are carried out appropriately. Very Well Health offers the following tips on how to choose the most suitable power of attorney.
The inheritance rights of one's natural heirs through California's intestate succession guidelines have been detailed on this blog in the past. A decedent's children are entitled to a portion of their intestate estate if the children survive them. That is, of course, provided that they qualify as one's child under state law.
As our parents and beloved family members age, it’s difficult to see their mental capacity decline. This can be problematic if the will was created or altered when the estate holder or testator was of diminished capacity. It can call the will into question, and the will may be challenged in court.
Most in San Jose likely believe that they will have years to plan for their estates. Yet what happens if your spouse dies unexpectedly while still relatively young? Even in the event that you had both planned ahead and created estate planning documents, it is likely that you still have outstanding debts that those who pass on in their elder years might not have to deal with. You might be facing the potential of having to liquidate assets in order to settle your spouse's liabilities. Many in your same position come to us here at Temmerman, Cilley & Kohlmann, LLP wondering if that means selling their homes.