Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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(From CALDA, California Association of Legal Document Assistants) In this the last of our probate series, we will list the forms necessary to file the various types of propbate discussed in parts one and two. The forms used for summary administration are: If the estate contains real property and is worth less than $50,000, you need these forms: • Affidavit Re Real Property of Small Value (DE-305) • Inventory and Appraisal (DE-160) • Inventory and Appraisal Attachment (DE-161) • Transmittal Lette...
(From CALDA, California Association of Legal Document Assistants) Property that passes outright to a surviving spouse or registered domestic partner The probate code states that no administration is necessary for assets that pass outright to a surviving spouse or registered domestic partner. Nevertheless, title companies, stock transfer agents and other entities and/or persons who have control over certain assets usually require some type of official document showing that the surviving spouse...
(From CALDA, California Association of Legal Document Assistants) What is "probate?" The word "probate" is the term generally used to describe what happens to a person's property when he or she dies. The primary purpose of a probate proceeding is to make sure all of the decedent's debts are paid and that the remaining property is distributed to the rightful owner(s). In California, different methods are used depending on the fair market value of the assets and how title is held. Non-probate prop...
Third in a series on Deeds (From CALDA, California Association of Legal Document Assistants) Deed of Trust A Deed of Trust is utilized by a borrower (trustor) to convey “bare legal” title to the subject property to a neutral party (trustee), in order to secure an obligation (usually the payment of a promissory note) payable to a lender (beneficiary). The trustee (usually a corporation) gives instructions to issue a Deed of Reconveyance (when the obligation has been paid in full) or to begin for...
Property not affected by your will Generally speaking, your will affects only those assets which are in your name alone at your death. Some assets which are not affected by your will include: • Life Insurance proceeds when the policy has a valid beneficiary designation. • Retirement Plans with a valid beneficiary designation. • Assets owned as a Joint Tenant - real estate, automobiles, bank accounts and other property held in joint tenancy will pass to the surviving joint tenant upon your death...
Fundamentals of wills A will is a legal document which directs how a person’s property should be distributed after his/her death. Within this document you designate your executor (the person who will handle your assets and ultimately make distributions per your instructions) and your beneficiaries (the person or entities which will receive gifts from your estate). You must be 18 years of age and of “sound mind” to create a valid will. You must know what a will is, what it does and that you are m...
Income Taxes – As long as you are the trustee or a co-trustee, no separate income tax returns are required to be filed for your living trust. The taxpayer identification number for the trust is your social security number and all income and deductions related to the assets held in the trust are reportable on your individual income tax returns. When you are no longer a trustee of your trust, then income tax returns must be filed by the trustee, reporting all of the income and deductions relating...
Because living trusts are not under direct court supervision, a trustee who does not act in your best interests or in a prudent fashion accountable to you or your beneficiaries may, in some cases, be able to take advantage of the situation to a greater extent than would be possible had the trustee been under direct court supervision which provides such safeguards as court accountings and, in some situations, a bond. In some cases, the cost of preparing a living trust and other estate planning...
Third in a Series on Living Trusts and Wills from CALDA (California Association of Legal Document Assistants) A living trust will be used as the mechanism to manage your property before and after your death as well as provide how those assets, and the income earned by the assets, will be distributed after your death. If you should become incapacitated or disabled, a successor trustee whom you have named will manage the affairs of the trust for you as beneficiary. A living trust is not subject...
