Category Archives: probate

Who will receive my property if I have no will or planning?

If you are married:

If all of your children are also the children of your current spouse, then your spouse will inherit all of your community property. Your children will inherit a two-thirds interest in every item of your separate property. The remaining one-third of each item of separate property will go to your spouse, but if the item is real estate, it returns to your children upon the death of your spouse.

If you have children from a previous marriage, your children will inherit all of your half of the community property. Your spouse will keep her half of the community property. Your separate property will be distributed the same way as in the previous paragraph.

If you have no children, your spouse will inherit all of your community property...

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Do Living Trust Save Taxes?

Many people think that living trusts save taxes, this is not normally the case. A living trust has no impact on federal or state income taxes.

A living trust may contain the same estate tax-saving provisions as a will. As a result it is a viable option for many people. But utilizing a living trust instead of a tax-planned will is going to have no effect on your estate tax bill. This applies in most states, check yours to confirm.

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Qualifying as an Executer

If somone you knew has passed on and appointed you as the executor of the estate there are a few things you need to do to become the executor. Once the will is admitted to probate and the court will appoint an executor of the estate. To qualify as an executor you will be required to post a corporate surety bond equal to the value of the liquid assets of the estate. You must also take the executor’s Oath. Many professionally drafted Wills waive the bond requirement for the executor of the estate.

The oath requires you to “well and truly” perform all of the duties of the executor of the estate. This oath must be made in front of a notary public or the court clerk.

Once the bond and oath are filed, the court clerk will issue “Letters Testamentary” to the court-appointed executor...

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