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July 2014 Archives

The effect of moving across state lines on estate planning

Orange County residents who intend to move out of California, or those who contemplate a relocation to the Golden State, may find that their new address adds complexity to their estate planning. It is often best to revise a will, trust or other estate planning document when moving across state lines. This helps to avoid potential problems and may possibly be advantageous to the estate or trust.

What happens to credit card debt when someone dies

When a person dies, all their property becomes part of an estate. A person's debts do not simply go away when a person dies. Credit card debts usually must be paid out of these assets before any of the assets can be distributed to heirs.

Planning considerations highlighted by Lou Reed's estate

Music fans in California may be interested in the execution of the estate of Lou Reed. According to reports, it has reportedly brought in more than $20 million since his death on Oct. 27, 2013. The probate court in Manhattan reported that the musician's estate is currently valued at more than $30 million.

Families fight in courts over wills

In years past, wills were rarely contested by family members, as this was seen as a way of dishonoring the decedent. However, more siblings and other relatives are suing in California courts over wills that they believe do not provide them with their fair share of the inheritance.

When to revise estate plans

California residents may be interested to learn that only approximately half of senior citizens have created a will to distribute their assets. The number of adults with a comprehensive estate plan is even lower. Some people are not aware of the importance of creating a living will, health care directive or powers of attorney in addition to a basic will or trust document. Every bit as important as creating an estate plan is knowing when to modify it. Experts recommend reviewing estate plans every few years, as tax laws and life situations change, to ensure that it continues to meet ongoing needs.