Resources
Wills, Trusts & Probate
- Estate Planning -
- The preparation of appropriate documents to efficiently distribute your estate.
- Holographic Will -
- A handwritten Will valid in California if it meets certain requirements.
- Will -
- A legal document with statutory requirements to distribute your assets through probate.
- Living Trust -
- A legal document which allows for distribution of assets without probate.
- Revocable Trust -
- Usually the same as a A Living Trust which can be amended at any time.
- Irrevocable Trust -
- An transfer of assets in trust to a third party to avoid potential inheritance taxes.
- Trustee -
- The person or entity which has management and control over trust assets.
- Probate -
- Court supervised administration of an estate after death.
- Order of Succession to Real Property -
- Process if real property interest is less than $100,000.
- Small Estates Affidavit -
- Used for personal property when the total value of the estate is less than $100,000.
- Living Will -
- Also referred to as a Durable Power of Attorney for Health Care or AAdvance Directive.
- Conservatorship -
- Court supervised administration of assets for an incompetent adult.
- Durable Power of Attorney -
- Allows for someone to make financial decision for an incompetent adult.
- Inheritance Taxes -
- Imposed on estate assets if valued in excess of the allowable exemption.
- Inheritance Tax Exemption -
- Currently $3,500,000 (awaiting new tax laws to be in effect prior to 2011).
- Marital Property Exemption -
- Unlimited as to transfers on death to a spouse.