Disputes can sometimes happen when a trustee doesn’t want to make payouts to the beneficiary of the trust. When the original person created that trust, they were able to pick both a trustee and a beneficiary, and the trustee is supposed to make distributions in...
San Diego Probate & Estate Administration Law Blog
3 reasons you should avoid using a DIY will
When planning how your estate will be distributed after your passing, it's essential to consider the crucial role of wills. Wills serve as legal documents outlining your wishes regarding the distribution of your assets and the care of any dependents after your death....
What does an executor do? 5 examples
One of the most important people in the estate planning process is the executor of the estate. The executor is responsible for settling the decedent’s estate. What this means is that they will need to go through several steps to help ensure several concerns of the...
Do children have to pay their parents’ debts?
Children inherit their parents' assets in most cases. Parents certainly can pick other beneficiaries if they would like, or they can disinherit certain children. But as a general rule, these adult children are going to expect that they will inherit tangible assets,...
Should Totten trusts be part of your California estate plan?
Totten trusts, also known as payable-on-death (POD) bank accounts, are gaining traction in California estate planning. But are they the right fit for you? Below, we delve into their benefits and downsides to help you decide. What is a Totten trust? Imagine a bank...
Develop a healthcare plan in case you’re incapacitated
Preparing for potential incapacitation is a crucial estate planning step that you shouldn’t overlook. It involves making decisions now about the medical care you wish to receive if you become unable to communicate your preferences in the future due to illness, injury...
Annual and lifetime gifting limits for estate planning
In the United States, the Internal Revenue Service (IRS) sets annual gifting limits, which dictate the amount of money or value of gifts one can give another person within a year without needing to file a gift tax return. As financial laws and thresholds are subject...
The main mistake people make when disinheriting a family member
Some people may have a sense of entitlement regarding their theoretical rights to an inheritance. They believe that due to the nature of their relationship with someone they deserve a significant portion of their estate. However, a testator planning their estate may...
Can you draft a will on your own?
You may be considering making an estate plan. If so, your first step will probably be drafting a will. This is an estate planning document that lets you decide who should receive your assets upon your death. You can also set out who will look after your children...
2 common reasons for will contests
Estate plans typically contain several key documents, including a will. The will outlines the final wishes of the testator in terms of how their assets should be distributed upon their death. A guardian for minor children can also be named in this document....