You can do that. Just have a trust amendment prepared to change the terms of your trust. Easy peasy -- assuming your trust is revocable (meaning changeable and dissolvable.) If the trust is irrevocable (not changeable except in certain very specific circumstances), it will take some advanced estate...Read more »
Unless there is a separate provision giving the wife a share of the estate, then you are correct: the assets go to children or grandchildren. The Latin phrase "per stirpes" is often used interchangeably with "right of representation" meaning that if a person passes away, their...Read more »
I resigned from my job at UCSD after 11 years, last day was 10/7. I am being told I will not get my final paycheck until 10/27 which will include my PTO payout. I thought the law was they have to pay you out immediately. I called HR and was told they don’t follow that rule, is that legal? If... Read more »
My father passed away in 2011 and my grandmother in 2020 she left no will and my cousin who's father is still living and married is trying to become the administrator for my grandmother's estate. She had no will and 4 living sons. She wants to sell her house and we want to stop her. the... Read more »
You must move quickly and prepare a formal objection to the appointment of your cousin as administrator. If you don't know how to do this, you should try to hire a lawyer to help you, but it may be difficult to find a lawyer on such short notice. Most estate planning lawyers are extremely busy...Read more »
My mom bought her house before she married my stepdad and then added him to the deed without right of survivorship 15 years after they were married. They were married for 25 years. My mom then died without a will. If my stepdad files a spousal property petition, could he be granted my share of my... Read more »
A lawyer would need more information to properly advise you. For example, how is the property titled between your mother and step--father? If it was titled as joint tenancy, then your step-father likely received 100% of the property when your mother passed. Real estate held in joint tenancy does...Read more »
I have a transfer on death dead for my dad and a separate one for my stepmom. They are joint owners of a home and I am the sole beneficiary for both. My dad passed away. Do I now own his 50% share of the home or is his share now owned by his widow?
The answer depends on how the house was titled between your father and step-mother. If they held title as joint tenants or community property with the right of survivorship, then your step-mother may hold 100% ownership of hte home, but there is no way for a lawyer to tell without reading the...Read more »
B (NY) left her estate to two sisters; A (NY) and M (FL). The sisters both predeceased B. Beneficiaries to A's estate are her two children (NY). The beneficiaries to M's estate are brother P (CA), and niece, J (FL). P is the last living sibling to B, A, and M.
Most Trusts and WIlls contain language stating who will receive a particular gift if the beneficiary passes away before the person who set up the Trust ("settlor" or "grantor") or Will. If your document contains this type of language, then whatever it says will be what happens....Read more »
I believe this is your third question about your grant deeds. I suggest you go to a lawyer and get your situation handled properly rather than try to piece together various lawyers’ advice. But to answer your question, it is possible to transfer property from one trust to another, but not in all...Read more »
Yes. The Recorder will need specific information on what changes were made, along with the proper exemption code section to avoid triggering a tax. If you aren’t familiar with these, it’s best to have an attorney prepare the deed.
The answer to your question depends on the language in your specific deeds. If the grantor is still alive and has a revocable trust, it’s possible the property could be in either trust. Some people have more than one trust (for example, a separate property trust and a community property trust)...Read more »
A lawyer would need to read the language of your deeds to be sure but, assuming the language you gave us is the only language relating to gifting the property, it appears that the deed to the daughter is defective. Here's why. The owner's names must be EXACTLY the same as they are on the...Read more »
It depends on whether your brother had a trust or will. Since the divorce was not final, she will definitely be entitled to something. But, whether she gets everything will depend on the language in the trust or will, if there was one in place. Otherwise, if your brother had assets totalling more...Read more »
My mother and father set up a trust my mother passed away of cancer in May of 2020 starting it was irrevocable but as of today my brother and I have not received a copy of the trust since then my father has remarried in June of 2021 and have no idea of how to go about getting a copy from him... Read more »
You can certainly ask your father for a copy of the trust. You're entitled to see a copy. But, please know that you should not have any expectations about an inheritance because you may or may not have inherited anything from your mother. It is quite common for married couples to leave...Read more »
There are different kinds of trusts, so the answer to your question will depend on two things: (1) what type of trust it is; and (2) the language in your specific trust document. As to the first question, the main issue is whether your trust is revocable, meaning changable and dissolvable, or if...Read more »
The answer depends on the language of the trust. In most instances, if you decline to accept a gift, the trust will say to whom the gift will go. So, to accomplish your objective, you may be required to accept the gift then give it as a gift to your sibling. There are tax consequences to doing it...Read more »
Yes, a person can serve as trustee to two different people’s trusts. But it can be a lot of work if the people who set up the trusts (“trustors” or “settlors”) don’t put the proper assets into their trusts. So, think about taking on the work before accepting the obligation.
The law in California is this (at a very high level): if a person has assets totalling more than $166,250 in value, then there are two ways your loved ones can get those assets after the owner's passing: (1) have a trust with assets re-titled in the name of the trust; or (2) go through the...Read more »
My 80+ year old parents own 2 homes. They live in one of the homes, I live in their second home, and have lived here for 28 years. I have always paid them "rent." The home I live in is paid off. My parents' will states that all of their assets are to be split between my sister and I... Read more »
Your parents need to work with their estate planning attorney. Giving you the home now, while they are alive, is not the best way to go from a tax perspective. If you wait to get the home after your parents pass away, your parents will save a lot of money in taxes -- that is, unless the law changes...Read more »
Your father needs to have estate planning documents prepared so his desires are made known. He can name a family friend or someone such as a CPA, bank, or professional trustee to act as the trustee after he passes, so your sister and you don’t fight over who gets which assets. That outsider will...Read more »
A lot of estate planning documents online are faulty, so it is always best to have a lawyer prepare your documents. I know that sounds self-serving but, just yesterday, I met with a person who drafted her own trust and amended it several times on her own. She ended up creating four different trusts...Read more »
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