Orange County Estate Planning Lawyer BlogSomeone passed away. The Will names me as Executor. What do I do?
This Article intended for estate personal representatives
The Lawyer Blogs shown below are topical articles written by attorney David L. Crockett on all of the areas of the law that he deals with. Many of these articles are based upon actual and typical situations encountered by Mr. Crockett's clients. New blogs are posted when Mr. Crockett encounters new situations that merit detailed explanations to his clients. There is practical advice and explanations that span the subjects of the probate, trust, real estate and tax laws and court procedures that frequently arise. Because Mr. Crockett is actively advising clients on (i) wills, trusts, taxes and estate planning; (ii) administration of trusts and probate estates; and (iii) litigation about estates and trusts, many of these articles cover and crossover between all three areas of practice. The articles contain information that a person forming a trust, or a trustee or an heir/beneficiary needs to be aware of. The Blogs are organized into topics listed on the left of this page. You can view the posts listed in each topic here.
Probate Mandatory Fees are High
High probate attorneys and administrators fees are mandatory
Probate court is the legal way for ownership transfer on death
Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise. Thus, if a person has not organized his/her ownership of assets, a Probate Court proceeding will be necessary to access bank accounts, pay bills and taxes and to transfer ownership to the heirs.
Revocable Living Trusts – For Single Persons
A living trust is one of the key ingredients in most estate plans. The living trust is widely used because of its flexibility. When people but their money and property into a living trust probate can be avoided and estate taxes saved.
Revocable Living Trusts – Creation and definition:
A revocable intervivos trust is a trust created during the Trustor’s lifetime (as opposed to a trust created as part of one’s will). A Revocable Living Trusts is often called a “Living Trust.” The Trustor is the person who establishes the trust. Assets transferred into the trust by the Trustor can be removed from the trust and given back to the Trustor whenever the Trustor decides. Typically, the trust is set up so the Trustor is also the beneficiary during his or her lifetime and thus receives all the trust income during his or her lifetime and has a right to withdraw trust principal when desired. The person who has legal title and control of the trust assets is known as the Trustee. Typically the Trustor is also the Trustee of a Living Trust during his lifetime and whomever he appoints is the Trustee following the Trustor’s death.
Estate Planning Documents
Estate Planning requires careful documentation which is custom prepared
Purposes of Estate Planning
People engage in estate planning to establish a comprehensive plan to cover what happens to their money and property in the event of disability or death. There are many variations to an estate plan and each one is custom tailored to your personal situation.
Revocable Living Trusts – For Married Persons
A living trust is one of the key ingredients in most estate plans. The living trust is widely used because of its flexibility. When people put their money and property into a living trust probate can be avoided and estate taxes saved.
Creation and definition: A revocable intervivos trust (Revocable Living Trusts) is a trust created during the Trustor’s lifetime (as opposed to a trust created as part of one’s will). It is often called a “Living Trust.” Assets transferred into the trust by the Trustor can be removed from the trust and given back to the Trustor whenever the Trustor decides. Typically, the trust is set up so the Trustor is also the beneficiary during his or her lifetime and thus receives all the trust income during his or her lifetime and has a right to withdraw trust principal when desired. The person who has legal title and control of the trust assets is known as the Trustee. Typically the Trustor is also the Trustee of a Living Trust during his lifetime and whomever he appoints is the Trustee following the Trustor’s death.
Married Persons
Estate Planning
Purposes of Estate Planning
Many Variations to an Estate Plan
People engage in estate planning to establish a comprehensive plan to cover what happens to their money and property in the event of disability or death. There are many variations to an estate plan and each one is custom tailored to your personal situation. A typical estate plan will (i) be changeable (revocable); (ii) will keep your estate out of the probate court system; (iii) will keep your affairs private; (iv) will have a definite plan as to who receives your money and property on your passing; (v) will provide for your surviving spouse; (vi) will be set up to save estate and gift taxes; (vi) will minimize property tax increases on your passing and (vii) consider income tax implications of transfers of money and property.
Lost Will Disaster
Please Don’t become a participant in a lost Will disaster
Will Definition
A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death.
Passing Without Any Will
Passing Without Any Will should be avoided at all costs
Will Definition
A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death. A valid will may either be typed or handwritten (holographic).
Will Terminology
Making Sense of Will Terminology
Will
Will – Definition: A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death. A valid will may either be typed or handwritten (holographic).
How to Make a Will
What is a Will / How to Make a Will
Definition. A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A valid will may either be typed or handwritten (holographic).
