Camarillo Estate Law And Real Estate Law Blog

The subject matter of estates and trusts in California is complicated. The individual or married couple must keep vigilant over their affairs to assure that no costly and troublesome mishaps occur. Even though estate planning may have been undertaken, a cavalier attitude in the years thereafter can lead to various disasters.

Perhaps one of the most common problems is the failure to name a contingent beneficiary on insurance policies and investment or retirement accounts. This is necessary in case the first selection for beneficiary predeceases the owner of the policy or the account. If the owner forgets or neglects to name a new beneficiary, the property will pass into the owner's probate estate after death, where it may be taxed and/or subject to extra fees, along with having the distribution itself delayed.

In California, those looking to buy a home will find that many homes on the market are subject to a homeowners' association. A HOA can be a benefit under many circumstances, but there are also times when its rules conflict with a homebuyer's desires or circumstances. It is best to research the rules and practices of the association prior to deciding to make the purchase of a residential premises.

One example of a dispute between a homeowner and a HOA is playing out in another state. A family with four children is balking at an association's rules that prohibit the riding of bikes, skateboards, skates or wagons anywhere within the development. The rules forbid the use of the streets or walkways for "playground" activities. The reason for the rule is argued to be safety.

In California, trustees are fiduciaries in wills, trusts and occasional other legal instruments. Because the trustee holds assets that are passed from one generation to another, trustees and the beneficiaries of the trust instruments are likely targets of cybercriminal enterprises. Because trust administration promises a fiduciary duty, the trustee could end up being legally responsible for the loss of trust assets or data.

The challenge to a responsible trust administration is to keep cybercrimes to a virtual standstill. Trust data has a tendency to be shared among family members and to be used across various platforms and in various transmission protocols. Whenever that kind of sharing occurs, the risk for theft is enhanced. There is always the risk that a family member with important or sensitive data may be tricked and taken over by a social engineering scam.

The populous baby boomer generation is in the process of transferring its wealth to the younger generations in California and throughout the nation. This $30 trillion transfer along with continuing increases in the federal lifetime federal estate and gift tax exemption makes this a good time for boomers and others to do some fruitful estate planning. Despite the favorable circumstances, experts report that some people will continue to make certain repetitive and predictable mistakes.

One mistake of omission is to die without a will or a living trust to guide the desired distribution of assets. The price of dying intestate can be expensive. Various complications can arise, such as where the heirs may have to establish their identities at considerable expense to the decedent's estate. The most famous example of how damaging this mistake can be occurred with the entertainer Prince, whose purported heirs may still be litigating some lingering issues because there was no will to guide them.