Often portrayed in movies by families fighting over a large inheritance left by the rich benefactor who may, or may not, have lost their marbles (insert plot twist), capacity can be a major issue when it comes to individuals making last minute changes to their estate plan or making changes after being diagnosed with some type of mental illness such as dementia or Alzheimer’s. If a person lacks the proper mental capacity and creates a document, it will be invalidated under California Law. The key to determining whether or not the estate plan is valid lies in a determination as to whether or not the testator (the rich benefactor) had the capacity to make the changes when they were made. In California, the rules which determine whether or not an individual has capacity can be confusing. Hopefully the following will help clear that up.
A worldwide pandemic may seem like a great excuse to get your Estate Plan in order but, the fact is, everyone should have their Estate Plan in order regardless of a looming threat of illness. We have all been a bit uneasy lately with the what ifs when it comes to the state of our health.
When a married couple starts a divorce or legal separation in California, the Summons served with the Petition in dissolution of marriage or legal separation contains Automatic Temporary Restraining Orders (referred to as “ATROs”) that are binding on both spouses.
The time after you lose a loved one is an emotional, stressful, and difficult time. This time can be made even more stressful if you have been named as the executor of your loved one’s estate or the successor trustee.
The California Uniform Transfers to Minors Act, or “CUTMA,” contained in the California Probate Code sections 3900 through 3925, is an alternative estate planning tool available in California to transfer any type of property to a minor.
Before you go running out to establish a Generation-Skipping Trust, you should evaluate whether estate taxes are likely to be a concern based on the size of your estate, current exemption limits, and your intended beneficiaries
In an increasingly mobile society, your “domicile,” the place that you consider home, may or may not be the state where you currently live or spend most of your time. In cross-border areas, many individuals work in one state while maintaining their home in a neighboring state. Sometimes individuals leave their home state to live someplace else for work or to attend school. Sometimes individuals own several homes or businesses in different states. Why does it matter?
An estate plan is typically four legal documents created to preserve and protect your choices of what happens to you and to all of your stuff if you can’t make health care decisions or manage your assets due to a disability or if you pass away.
