A pour-over will is a type of will which provides that any assets or property owned by the testator at their death that was not titled in the testator's living Trust, will transfer (or pour over) into the trust, and will pass as per the terms of the trust. A pour-over will works in conjunction with a living trust and names the trust as the sole beneficiary of the will.
Your estate plan in California can include several documents, many of which may require beneficiaries, like any trusts you may have set up and non-probate assets like 401(k), IRA accounts, life insurance policies, and pensions. Assets from these accounts will go to the beneficiaries upon your death. It is important, therefore, to make sure you choose your beneficiaries carefully.
Despite popular belief, Estate Planning is not a one-and-done project. To be truly effective, your estate planning documents should reflect your changing circumstances which needs your attention on an ongoing basis.
Even in the most “simple” circumstances, a California Probate takes a bit over a year from start to finish. For that reason, finding the right probate attorney can make a world of difference with how efficiently the case can be handled. Here are some things to look for when hiring a Probate attorney.
A pour-over will is a type of will stating that any assets or property owned by the Settlor of a living trust that were omitted from the Trust at their death will transfer (or, pour over) into the trust after death. In this way, the pour-over will serves as a safety net for any assets not formally transferred into a living trust during the Trust Settlor's life.
Knowing the basics of trust administration is important when you are named as a Trustee or a beneficiary of a Trust, and the trust creator's assets are titled in their trust, or if there are assets left outside of the trust. Not knowing or understanding your Trustee duties, or Beneficiary entitlements can lead to many challenges and liabilities, and can lead to the intended beneficiaries not getting their share in the trust for months, or, sometimes, years, after the death of the trust creator.
On February 28, 2023, the Federal Housing Finance Agency announced that the annual change in the House Price Index for California for 2022 was $2.26%. As a result, the $1 million amount "reassessment exclusion" from property taxes under Proposition 19, is now adjusted to $1,022,600. This amount will be adjusted again on February 15, 2025.
Homeowners can now designate a third party - a family member or trusted friend, to receive a copy of past due notices for unpaid property taxes, so as to prevent such homeowners from losing their home to an unintended foreclosure for non-payment of property taxes,
Prevent Title Fraud - The Los Angeles County Assessor, in partnership with the County Recorder, just announced the ability for homeowners to REGISTER their property, and get a Fraud Notification Email within 48 hours of a document being recorded against title to their property! This is a hugely beneficial tool in the hands of homeowners to be on the lookout for Title Fraud.
Cryptocurrency, unlike its name suggests, is a Digital Asset – as such, the law treats it as Property, and not Currency. Crypto and NFTs are known as “bearer assets” – just like with “bearer bonds” – whoever has possession of the “asset” is the beneficial owner of it, which makes it challenging to be sure that an intended beneficiary will actually get the asset. How to avoid "Finders Keepers" when we estate-plan for Crypto and NFTs?
2023 Estate Tax Exemptions, Annual Gift Tax Exclusions, and Portability
Young adults have their whole lives ahead of them, but that doesn't mean they shouldn't begin estate planning as soon as possible. When someone turns 18, they legally become an adult. Overnight, parents lose the legal authority they previously had over their children's lives. As much as this is ...
When estimating the possible cost of probate, it's important to consider court fees, attorney and executor fees, costs for required services by additional professionals (fees to publish notice, fees for accountants, appraisers, etc.), as well as the cost of bond which is generally required of the...
While certain types of trusts can protect assets from creditors, they don't all have this feature. This is why it's important to consider your estate planning options beyond a revocable living trust if you wish to safeguard assets for your loved ones. Revocable vs. Irrevocable Trusts There are ma...
If you are buying a home and are wondering what the role of title insurance is, this article is for you. Title insurance policies protect buyers, real estate owners or lenders against any loss or damage they might experience because of liens, encumbrances, or defects that show up in the chain of ...
If you are creating a living trust, the person you select as your trustee matters a great deal. Trustees in California are tasked with many responsibilities and legal duties pertaining to the management and distribution of trust property. The decisions made by your trustee can affect you during y...
When working with Trustees who sell trust real property, we often witness pressure by the trust beneficiaries on the Trustees to distribute all of the net sales proceeds as soon as escrow closes. It is often forgotten that, about six months after the sale, the Trustees will receive a bill from th...
In estate planning, it is a very common question to ask: “When I buy a house, how should I take title?” There is a common misconception that realtors/escrow are required to give your legal advice – the opposite is true: they are prohibited from giving legal advice, and it falls on you as the buye...
An Advance Health Care Directive, also called an Advance Directive, is an estate planning document that allows you to name another individual – your Health Care Agent – to make medical decisions for you, and allows you to document your medical care preferences in the event you are incapacitated, ...
Even if you have a trust, it's a good idea to have a will to back it up. Estate planning is all about having a plan not just to direct what happens to you and your estate, but to account for what happens if things don't go as expected or were left unaddressed. One such critical step is funding th...
If you need an estate planning lawyer, you must find the right one for you. If you're wondering what that means, think about how personal your estate plan is to you. It protects you just as much as your loved ones, so finding the right estate planning attorney that can address your specific needs...
Estate planning is one of the most important things that not enough people do. A survey conducted by Caring.com in 2017 found that nearly 60% of American adults said that they don't have a will or a trust. While these numbers may have elevated slightly due to the COVID-19 pandemic – which exposed...
Most people would agree that estate planning is something they believe is important, but even some of those with that opinion don't have their own affairs in order. Despite all of the benefits estate planning can provide – chief among them: peace of mind! – not everyone who knows and understands ...
If estate planning is on your mind, you have likely heard of the probate process and you know it is something that is best avoided. With a carefully-crafted estate plan, it is possible to help your beneficiaries avoid this complex, expensive, and time-consuming process. Avoiding the Probate Proce...
The Law Offices of Maria N. Jonsson, PC is committed to answering your questions about Estate Planning, Probate and Trust Administration issues in Marina Del Rey & Venice, CA. We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.