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May 05, 2009
California Probate Lawyer
A California probate lawyer is an integral part of estate planning for residents of the Golden State. Probate is the legal process used to determine the value of estates and to properly distribute assets to heirs and beneficiaries. California probate code is complex; consisting of eleven divisions and hundreds of pages of legal jargon.
California probate lawyers specialize in helping individuals develop estate planning strategies. Some strategies can keep assets out of probate while others reduce or eliminate inheritance taxes. Probate attorneys can help individuals establish payable-on-death and transfer-on-death beneficiaries for investment and banking accounts, automobiles, motorcycles, boats, recreational vehicles, real estate holdings and businesses.
Real Estate Investing article on "California Probate Lawyer"
May 02, 2009
California Estate Planning
California estate planning allows residents to establish healthcare directives and retain control of assets in the event of their death. Estate planning outlines who will be in charge of administering the estate and which heirs will receive assets.
California estate planning is no different than establishing protocols in any other state. The only difference is California residents must adhere to established probate laws. Probate is regulated on a state-by-state basis. The primary difference between states is the amount which determines what constitutes a 'small estate.
Real Estate Investing article on "California Estate Planning"
April 30, 2009
Administrator
An Administrator must be appointed to oversee the estate of a person who has died. Designation can occur by naming the individual in a legal Will or trust. If no estate planning occurs prior to death, everything the decedent owns is transferred to probate. During this process, a judge will appoint an Administrator. This could be a relative, friend or outsider such as an attorney or professional estate planner.
The Administrator generally works with a probate attorney to ensure all documents are properly filed. When the decedent's estate is held in probate, the estate executor must present a copy of the death certificate to the court and legally record the death. Trusts do not pass through probate and follow a different protocol. Trusts are generally handled by the estate planning service that established the trust.
Real Estate Investing article on "Administrator"
April 26, 2009
Inheritance Cash Advances
Inheritance cash advances aren't loans. There are no monthly payments to pay back. Inheritance cash advances don't have to be repaid by heirs at all. The estate repays the lender once it has been probated.
Inheritance cash advances supply money to beneficiaries of estates immediately. When a loved one dies, their estate goes into probate unless the decedent created an irrevocable living trust. The probate courts ensure the validity of the Last Will and Testament of the deceased, but the courts main purpose is to ensure creditors are paid before heirs.
Real Estate Investing article on "Inheritance Cash Advances"
March 23, 2009
How to Avoid Probate
Understanding how to avoid probate can save your estate thousands of dollars and endless hours of time. Many people do not realize that the probate process takes an average of three years to complete. During this time assets depreciate in value while attorney fees escalate.
The following tips reveal how to avoid probate strategies which can easily be implemented at little or no charge.
Real Estate Investing article on "How to Avoid Probate"
February 13, 2009
Probate Process
The probate process is used to validate a person's Last Will and Testament; pay outstanding debts; and distribute estate assets to beneficiaries. When a person dies intestate (without a Will), the probate process can be prolonged while heirs are located and notified of the decedent's death.
The duration of probate process depends upon the complexity of the estate and behavior of heirs and beneficiaries. Heirs are direct lineage relatives, while beneficiaries can be anyone. Heirs are automatically entitled to assets unless the decedent specifically disinherits entitled relatives within their Will. If heirs contest the Will, the probate process can be prolonged for months or even years.
Real Estate Investing article on "Probate Process"
February 08, 2009
Probate Cash
Probate cash refers to money obtained from a funding source using probate assets as collateral. Probate assets include financial and real estate holdings left to beneficiaries through a Last Will and Testament. In order to obtain cash in exchange for probate inheritance, a series of events must occur.
Probate cash is available through either inheritance cash funding companies or private investors, such as Simon Volkov. These entities or individuals are referred to as the Funding Source. When a funding source provides probate cash, they assume a considerable amount of risk.
Real Estate Investing article on "Probate Cash"
February 05, 2009
Irrevocable Life Insurance Trust
An irrevocable life insurance trust is a useful tool for your estate planning arsenal. Not only does a life insurance trust exclude death benefits from estate taxation, it also keeps life insurance proceeds from undergoing the probate process.
Upon establishment of an irrevocable life insurance trust (ILIT), your life insurance policy is held inside the trust. A contract is used to administer the policy and assigned benefits for designated beneficiaries. Although the life insurance policy cannot be changed once the ILIT is established, the owner retains control over how beneficiaries will receive their benefits.
Real Estate Investing article on "Irrevocable Life Insurance Trust"
February 01, 2009
Wills and Probate
Wills and probate are two crucial elements of estate planning. Wills are legal documents which outline distribution of assets to designated beneficiaries. Probate is the legal process used to ensure the decedent's wishes are followed and adhere to probate laws.
The validation of will and probate process generally takes six to nine months. During this time, the designated Estate Administrator named in the Will, works with either the estate planning attorney or probate lawyer retained by the decedent. The Administrator is responsible for organizing documents, handling financial matters, contacting creditors and inventorying all estate assets
Real Estate Investing article on "Wills and Probate"
January 10, 2009
Estate Planning Probate
Estate planning probate is a technique used to document your final wishes in the event of your death. Many people procrastinate about estate planning; particularly when they enjoy good health and are living an active lifestyle. However, death has a tendency to strike unannounced. Inadequate planning can create a tremendous financial burden for your loved ones should you die unexpectedly.
Estate planning probate usually requires the assistance of a qualified probate attorney. This type of lawyer is adept at estate planning and can help keep many of your assets out of probate. It is important to realize that everything you own must be transferred to probate in order to ensure your wishes are adhered to and rightful heirs inherit your belongings