San Diego Probate Law

09/17/2024

When you hear the words “trust” or “trust fund,” the first image that may come to mind is a wealthy family in a mansion with inherited wealth passed down from generation to generation. If asked what a trust or trust fund is, many people would probably be hard pressed to offer up an accurate definition.

09/17/2024

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

06/10/2023

Why Would I Want A Testamentary Trust? There is considerable hype, much of it well-deserved, given to the practice of using trusts to avoid probate. When one creates a trust to avoid probate, he will usually draft a living trust or, in some circles, an inter vivos trust. This trust takes effect immediately once the ink dries on the legal documents.

Significant advantage that a testamentary trust offers is the ability for a person to control better how her beneficiaries will receive and spend their inheritances. For example, a testamentary trust can require that an executor only pay a younger beneficiary so much of his inheritance over time ins...

06/10/2023

Trustee Ownership & The Revocable Living Trust. What is meant by “trustee ownership”?

The form of property ownership most rapidly expanding in the estate planning field is that trustee ownership. By establishing a revocable living trust, you can control who will receive your property at your death and avoid the probate process.

When you die, the person you've chosen as your Successor Trustee will start managing the property according to the strict directions you've outlined in the Trust

06/10/2023

Everyone wants to make sure their loved ones are protected, no matter what. For most, that entails having an Estate Plan. Like a Trust-Based Estate Plan with Trust & Will, a comprehensive estate plan includes everything you need to protect your assets and loved ones, both in life and after death. But when the Trustee of a Revocable Trust dies, it is up to their Successor to settle their loved one’s affairs and close the Trust.

A comprehensive estate plan includes everything you need to protect your assets and loved ones, both in life and after death. But when the Trustee of a Revocable Trust dies, it is up to their Successor to settle their loved one's affairs and close the Trust.

06/10/2023

A revocable living trust is one of several estate planning options. Moreover, a trust allows you to manage and protect your assets as you, the grantor, or owner, age. “Revocable” means that you can amend or even revoke the trust during your lifetime. Consequently, living trusts have a lot of potential advantages. The main one is that the assets in the trust avoid probate. After you pass away, a successor trustee takes over management of the assets and can begin distributing them to the heirs or taking other actions directed in the trust agreement. The expense and delay of probate are avoided. Accordingly, a living trust also provides privacy. The terms of the trust and its assets aren’t recorded in the public record the way a will is.

A revocable living trust allows your beneficiaries to avoid probate court, which can be time-consuming and costly. In addition, having a living trust provides for a faster transfer of assets to your heirs, and those assets will be distributed in private.

06/10/2023

There are several ways to write a Will, including writing it yourself, having a lawyer prepare it for you, or using an online legal company. Many people believe that the process of writing a Will is expensive. Conversely, this is not always true. While fees can vary greatly, many of them are reasonable. Some come with the peace of mind that an attorney has reviewed or prepared the document for you.

A better way to prepare your Will is to pay an online company to handle it, which often costs just slightly more than a do-it-yourself Will kit and has the added benefit of input from attorneys.

06/10/2023

Advantages and Disadvantages of Filing for Bankruptcy.

Filing for bankruptcy protection is considered a statement of your ability to repay your debt to your creditors. Conversely, the fact that you sought and received bankruptcy protection will remain on your credit record for as long as ten years.

Once a Chapter 7 bankruptcy is filed, creditors cannot reach your wages. Your future paychecks are yours to keep and use for necessities, food, rent, etc.

06/10/2023

The number one mistake people make before they file bankruptcy is to incur a debt without the intent to repay it. During the bankruptcy process, there really are not many mistakes you can make other than not doing what your attorney tells you to do. If I advise the client on how to answer the questions at the creditor’s meeting and the debtor starts talking about things they should not be talking about and the trustee starts inquiring further and wants more documentation, then that is one mistake a debtor can make. I always tell my clients if the trustee asks you what color is the sky, the answer is blue; you do not say, “If it is cloudy, then it can be pink and orange and if it is sunset, we can have a rainbow”; you just answer Question A with Answer A and move on.

People have to remember that once they file a Chapter 7, if you get in trouble you have nowhere to run; you cannot file another bankruptcy for eight years which means you have to be extremely careful when you incur a new debt.

06/10/2023

Probate is the legal process for reviewing the assets of a deceased person and determining inheritors. A probate proceeding is not always required upon death. Still, it is usually essential when a deceased person’s remaining estate is highly valued. Probate proceedings are traditionally focused on the existence of a will.

A probate proceeding is not always required upon death. Still, it is usually essential when a deceased person’s remaining estate is highly valued.

06/10/2023

When you hear the words “trust” or “trust fund,” the first image that may come to mind is a wealthy family in a mansion with inherited wealth passed down from generation to generation. If asked what a trust or trust fund is, many people would probably be hard pressed to offer up an accurate definition.

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.

06/10/2023

If you have come to this page, then you are seeking answers to some difficult financial questions. Choosing to file bankruptcy is a major decision and will impact your life for a very long time. This section is dedicated to providing the resources you need to be able to make an informed and intelligent decision.

Lots of attorneys will tell you one thing on the telephone and another when you come into the office or hit you with hidden fees or costs that you never knew about before you walked in the door to their office.