Camarillo Estate Law And Real Estate Law Blog

When it comes to setting up an estate plan, there are many options, and there may be many factors to take into consideration. For example, if someone expects their marriage to end, they may be wondering how a divorce could affect their estate plan. Or, they may be unsure about which estate planning options are best as a result of their divorce. Sometimes, people have irrevocable trusts, and they may wonder how these estate plans will be impacted by divorce and whether their assets will be seen as marital property or separate property.

For starters, it is vital to carefully go over the unique details of your finances, your divorce and your trust. If you created an irrevocable trust prior to your marriage, assets in this estate plan may be protected from property division. On the other hand, if you set up an irrevocable trust during your marriage, the assets in this trust may not be seen as separate property and they may be viewed as marital property and subjected to division.

Many people dream of buying a home for the first time. Investing in a home is indeed gratifying, but it also comes with quite a few risks. Fortunately, there are steps you can take to ensure the transaction progresses as smoothly as possible. Bankrate explains common home buying mistakes and how you can work to avoid them. 

Preapproval entails applying for a mortgage before actually shopping for a house. While this seems counterproductive, it's actually quite reassuring to sellers. Preapproval entails a check of your financial background, including your credit score. That way you and the seller can rest assured that you have the funds available to actually purchase the home. This is very helpful in crowded housing markets, where you may be in fierce competition for a single property.

When they begin creating an estate plan, many people come across the phrase “death taxes” online or in conversations with others planning for the future. Generally, “death taxes” refers to estate taxes, gift taxes, and inheritance taxes. And every estate plan should account for both federal and state versions of these taxes.

For those residing in California, you’re in luck: California has no state gift or estate taxes. However, there are still federal taxes to consider – as well as new proposed state taxes.

If you have just lost a close friend or family member, you may be dealing with many emotions. In addition to grieving the loss, you may be faced with distribution of your loved one's estate, including any property, possessions and assets he or she had. You may be faced with the need to open a probate estate in the Superior Court for the county where the decedent resided.  The process of finalizing the deceased's estate and distributing property to the beneficiaries named in the will or heirs if there is no will can be difficult during this hard time. The probate process is designed to organize this process and to ensure everything is handled properly.

During the probate process, the estate administrator if there is no will or executor of the will is given the last will and testament, death certificate and other important documents. The estate administrator/executor must notify certain entities, such as life insurance companies and the beneficiaries named in the will, that the person is deceased. The estate administrator/executor must then round up all of the items in the estate and determine the estate's value. Any remaining debts and expenses owed by the estate are then paid out of the estate assets. During this time, the estate administrator/executor must protect the property and assets from theft and/or vandalism. Finally, the remaining assets and property are distributed to the heirs or beneficiaries named in the will after obtaining court approval for the distribution.