California residents may have estate plans in place, but it is important to consider changing a will if certain life events occur. It may be easy to overlook such a need due to the activity surrounding some of those events. However, failing to change the conditions in a will may result in unanticipated consequences after one's death.
In California, some estates are probated when a person dies and leaves behind property and assets. When there is a will, a probate case can be opened to obtain a court's determination of the validity of a will, which is normally automatic in most cases.
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.
When a person dies, his or her estate goes through probate. Probate is a public process that verifies that a will or trust was created legally and without duress. It may be challenged by family members or others who may have a reason to do so. Is a life insurance policy subject to the probate process?
The media carnival that surrounded Michael Jackson in life has not stopped spinning more than four years after his death.
For many people who lose a parent, there are a variety of emotional issues to deal with in the aftermath. Perhaps the most common is a surge of grief or sadness and related feelings. For some, there are also unexpected, conflicting emotions after the will is read and they know they are to receive an inheritance.
Back in September of last year, Fullerton media reported that a deal had finally been reached in a long-running dispute that involved an $85 million California mansion. The various sides in the dispute over copper heiress Huguette Clark's estate appeared to have compromised on how to divide the estimated $300 million she left behind.
Despite the recent recession and the economic belt-tightening, many Americans still want to provide for their children and grandchildren by leaving an inheritance. If you are considering what/how much you might like to leave to your heirs, now may be a good time to get started on your estate plan.
Heirs of the American artist best known for inventing kinetic sculpture recently had a court rule against them in a fraud claim against the estate of the artist's longtime dealer. At least three of Alexander Calder's moving sculptures, known as mobiles, are housed not far from Fullerton, in Los Angeles.