DP LEGAL SOLUTIONS, LLC

We’ve been getting a lot of questions lately about the new Transfer on Death Deed (TOD). This statute went into effect in early 2016. The TOD Deed allows Californians to sign a deed transferring real property to another individual upon their death. The deed is revocable until the transferor’s death. Eligible property includes: Condominiums. One to four residential dwelling units. A single tract of agricultural land consisting of 40 acres or fewer that is improved with a single-family house. Upon the death of the transferor, the TOD Deed transfers all of the transferor’s interest in the real property to the beneficiary. If there are multiple beneficiaries, the beneficiaries take the property as tenants in common (TIC), in equal shares. What’s to like about the TOD Many people are creating a TOD Deed for their homes or other real property and circumventing having to create a  Living Trust . In these cases, their home represents the biggest share of their assets, so by...

When it comes to estate planning, choosing an Executor should be an important part of the process, not an afterthought. Depending on the complexity of the estate, it can be a time-consuming, demanding responsibility, and the person who assumes this role should have a broad range of skills and be comfortable working with lawyers, accountants and investment professionals. The Executor’s role  Executors are responsible for settling estates. Families most often name one of their children to act as Executor, but it can be the family’s attorney or a fiduciary. A financial institution, trust company or bank may also serve as co-Executors with an individual, such as the decedent’s spouse, child, advisor or other person. An Executor performs five basic functions:  Locates, collects and has responsibility for the estate’s assets until they are distributed to the beneficiaries. Determines and raises the cash needs for the estate. Pays the decedent’s funeral expenses, debts ...

When creating a  Living Trust , we encourage our clients to give careful consideration to choosing a Successor Trustee. Depending on the complexity of the estate, Trust Administration can take months, and it can require a significant time commitment. It also requires dealing with financial accounts, so it’s important to identify someone who is comfortable working with numbers. If someone has been named as the Power of Attorney and Agent for the Advance Healthcare Directive, it may make sense to name the same person as Successor Trustee—there’s a good chance by the time of death, he/she will already have some familiarity with the estate, which will help streamline the Trust Administration. Successor Trustee oversees the disbursement of the Trust The Successor Trustee will be in charge of overseeing the disbursement of the  Trust –essentially taking care of the assets for those who have been named as the Trust’s beneficiaries. The estate may include savings and other bro...

As we near the end of June and sneak up on the Fourth of July, many of us are dreaming of packing the kids off to camp and enjoying a well-deserved vacation of our own. But the halfway mark is also the time to be taking stock. What have we accomplished and what can we do in the next six months to meet our 2017 goals? Time for creating or updating Living Trusts At  DP Legal Solutions , we’re bullish on Living Trusts! Our goals for our clients always include either creating or updating their Living Trusts. It’s easy to procrastinate, but the rewards are great. Creating and funding a Living Trust is one of the most thoughtful gifts you give your family. Unfortunately, many people believe that once they create and fund their Living Trusts, the process is finished. But we caution our clients to review and update their Trusts every few years--this is especially important for those who create their Trusts when their children are still young and they’re building their careers. Liv...

If you’re reading this story, there’s a good chance you don’t have a Will or Living Trust. Or perhaps you have a Trust, but you created it nearly 20 years ago and it’s sadly out of date. Unfortunately, this is the case for nearly three-quarters of Americans. There’s a perception that Wills and Trust are for old people—people think they’ll have plenty of time to prepare end-of-life documents “when the time comes”, but life often intervenes. Life is full of uncertainties The reality is that anyone with assets and dependents should have a Living Trust, and if incapacitated, having an updated Living Trust, Power of Attorney and Advance Healthcare Directive in place can save your family considerable time, money and anguish at what will undoubtedly be a very difficult time. Without a Will or Living Trust, your family will have to go through Probate. Some good news: you don’t need an attorney for Uncontested Probate If your Probate case is uncontested—if none of the potential heirs...

There’s a perception that Living Trusts are just for old people. Granted, there’s a little more immediacy as we get older and need to be thinking about how we’re going to distribute our assets to our heirs. But the reality is that nearly everyone—especially those with dependents—should have a Trust. Yet for a younger couple, it can be daunting to think of everything that needs to be included in the Trust. These couples also know that they will accumulate more assets over the years. They also may worry that something will happen to them before they can transfer their assets into the Trust. A Pour-Over Will: A Way for the Trust to accommodate these assets You may have heard of a “Pour-Over Will” that is often used in conjunction with a Living Trust. Under the terms of a Pour-Over Will, all property that passes through the Will at your death is transferred to—or  poured into –your Trust. It’s then distributed to those Trust beneficiaries you identified when you prepared...