LA Probate Law

LA Probate Law What Type of Estate Plan Do I Need

Scott Schomer — Fri, 20 Apr 2012 14:39:04 -0800

LA Probate Law What Type of Estate Plan Do I Need

The type of estate plan you need depends on your circumstances. The basic goal of any good estate plan is preparing for both death and incapacity. Generally this will include powers of attorney for health care and finances. It is always smart to have a will and in many instances, a living trust is also an excellent choice. LA Probate Law are experienced estate planners and can guide you through the process quickly and efficiently. We will listen to your desires, evaluate your needs and make recommendations appropriate for your circumstances.

Trust

The entity known as a trust will be essential in creating various strategies for accomplishing asset protection, estate planning, and privacy benefits says LA Probate Law. Trusts are extremely flexible in form and almost any asset protection and estate planning goal can be accomplished by an attorney who is knowledgeable and experienced in this field. Using creative trust strategies, the planning opportunities for achieving tax savings and asset protection advantages are unlimited. The following examples will provide you with an overview of some of the techniques that can be used to achieve particular objectives in a variety of circumstances. The living trust, also known as a revocable living trust, is a written legal document similar to a will that sets forth your wishes and plans regarding matters during your life and upon your death. Your wishes and plans can be changed during your lifetime as your circumstances change. By creating a customized estate plan, which includes a living trust, you will have peace of mind that your wishes will be fulfilled upon your death.

Durable Power of Attorney

You can grant a Power of Attorney to another person for any case where you cannot represent your own interests. LA Probate Law gives example, you can send an agent to an important meeting you are unable to attend, and they may act on your behalf for the duration of that meeting. A Durable Power of Attorney, on the other hand, remains in effect if you become incompetent. In cases of terminal illness or permanent unconsciousness, you can set out health care directives for your agent, much like in a Living Will.

Last Will and Testament

A Last Will and Testament allows you to set out your specific wishes for how you want your property and assets to be divided upon your death. It also designates who will assume guardianship responsibility of any minor children if neither parent can serve as guardian. You can use a will to make bequests to charities explains LA Probate Law. Wills are easy to prepare, but are subjected to probate process, which, depending on the size of your estate, could take some time. Probate is the court process required when you die to verify your Will, if you have one. If you don’t have a Will, this process determines who your closest blood relatives are that will inherit from you. This court process also assures debts are paid.

LA Probate Law What Type of Estate Plan Do I Need

LA Probate Law: Create & Change Estate Plans

Scott Schomer — Wed, 18 Apr 2012 14:33:52 -0800

LA Probate Law: Create & Change Estate Plans

A good estate plan is usually designed to deal with multiple contingencies and does not necessarily have to be updated regularly. However, if there have been any major life changes since you prepared your estate plan; it might be wise to have it reviewed LA Probate Law. Major life changes that warrant a reconsideration of your estate plan include a marriage, divorce or purchase or sale of real property.

Planning

We are experienced estate planners and can guide you through the process quickly and efficiently. We will listen to your desires, evaluate your needs and make recommendations appropriate for your circumstances. Contact our office to schedule an appointment. If you need to create an estate plan, it is helpful (but necessary) to complete an estate planning questionnaire. If you have an existing estate plan, bring it with you at the time of your appointment. Whether or not an impaired individual can create an estate plan depends largely on their type and level of impairment. If the person is making decisions about managing their affairs before death, the impaired individual also needs to be able to appreciate the potential consequences of his actions says LA Probate Law. The best way to determine whether or not an individual is capable of creating an estate plan is for the impaired person to privately consult an attorney and possibly a medical professional.

Helping Others

Many people prepare estate plans which allow trusted individuals to take charge of their affairs when they are no longer able to do so. Most living trusts contain provisions for the appointment of a successor trustee in the event of incapacity says LA Probate Law. Likewise, a power of attorney is commonly used for estate planning purposes authorizes an attorney-in-fact (or agent) to act only when the person who signed it is incapacitated. The specifics about whether you can exercise legal control over a loved one’s affairs after incapacity, and how you exercise that authority, depend on the terms of the particular estate planning document. For instance, some estate planning documents require a medical opinion from two doctors. Others estate planning documents require that the drafter be deemed incompetent by a court. The parties can also use a resignation and appointment procedure if the elderly person will consent.

Add Your Name to Family Assets to Help

Adding a party on an asset generally gives the new person some level of power and control over the asset. For instance, once on a bank account, the new individual has power to transfer or remove all of the assets. Placing a friend or family on the asset makes the asset vulnerable to the friend’s creditors. Finally, including family or friends on assets can also create unintended tax consequences. LA Probate Law has encountered a number of situations where families make asset transfers only to later receive bad news that they have been penalized by the taxation authorities.

LA Probate Law: Create & Change Estate Plans

LA Probate Law: Handle Probate From Far Away

Scott Schomer — Mon, 16 Apr 2012 14:28:11 -0800

LA Probate Law: Handle Probate From Far Away

In this modern age, it is not unusual that family members have traveled far from their loved ones. In some instances, the distance makes it a challenge to administer the loved one’s estate. In other instances, the distance is not important and you can manage all the important details remotely. LA Probate Law has experience assisting local families as well as those from distant states. Aside from this, most documents filed with the probate court require an original signature of the Personal Representative, so faxed or emailed signatures won't do. Thus, the closer the Personal Representative is to the attorney, the more quickly things will get gone.

Reasons

Some common reasons people, who live elsewhere, hire us to do legal work are: 1) mom/dad/relative/friend died in an area you do not live and you need a probate attorney there to handle that for you and 2) your mom/dad/relative/friend lives here and you want them to hire a local attorney to handle their estate planning affairs before they die. In either case we are well suited to help you! For all practical purposes, the more beneficiaries involved, and the farther away they live from the attorney handling the estate, the longer probate will take. This is simply a function of the time it takes to send documents to, and receive documents back from, multiple beneficiaries says LA Probate Law.

Hold ups

If the estate is taxable it is most likely going to take longer to probate than a nontaxable one. This is because a taxable estate can't be closed until a closing letter is received from the state taxing authority and/or the IRS. And these days I've waited anywhere from 6-8 months after filing an estate tax return with the IRS before receiving any type of response. It's highly unlikely that two beneficiaries will agree on everything let alone 3 or 4 or more. Some beneficiaries may even hire their own attorneys to monitor the probate process, and these types of attorneys tend to nitpick at every single thing that the Personal Representative does. LA Probate Law expresses that the more the beneficiaries disagree, the longer probate will take. A will contest is a legal proceeding that's initiated to invalidate a Last Will and Testament. Will contests are based on four arguments: (1) the Last Will was not signed with the appropriate legal formalities; (2) the Last Will was procured by fraud; (3) the Last Will was procured under duress and undue influence; and/or (4) the person making the Last Will lacked mental capacity to do so. Suffice it to say that if a will contest is involved, then the probate proceeding will remain open for a very long time.

Complications

If the estate is comprised of a house and a bank account, then probate of these assets should be relatively simple explains LA Probate Law. But if the estate is comprised of a house, a bank account and an interest in the family business, then the administration of the estate can get complicated. Keeping all of these factors in mind, if everyone gets along, the assets aren't complicated and the estate is nontaxable, then the probate process should take less than a year. But if not, then the probate process can drag on for several years.

LA Probate Law: Handle Probate From Far Away

LA Probate Law on Elder Financial Abuse Laws

Scott Schomer — Sat, 14 Apr 2012 14:19:48 -0800

LA Probate Law on Elder Financial Abuse Laws

Sadly, financial abuse of the elderly is becoming more common. By some estimates, the number of cases involving financial abuse of the elderly now exceeds the number of elder abuse cases involving physical abuse and neglect. Oftentimes the people who prey on the elderly are family members, neighbors, or caregivers whom the senior trusts and depends on says LA Probate Law. Elder financial abuse is typically committed by a person the elder knows and trusts, such as a family member, friend, caregiver, banker, or nursing home employee. The abuser commonly manipulates the elder into prematurely selling his or her assets, giving the abuser the elder’s money and assets either through gifts or supporting them, or changing the elder’s estate plan to leave the elder’s estate to the abuser. Those with such mal intent also often withhold the elder’s money for daily necessities and/or alienate the elder from his family and loved ones, thereby making the elder dependent upon the abuser.

What are the Indicators

Indicators are signs or clues that abuse has occurred. Some of the indicators listed below can be explained by other causes or factors and no single indicator can be taken as conclusive proof states LA Probate Law. Rather, one should look for patterns or clusters of indicators that suggest a problem.

Abuse of a Power of Attorney

A power of attorney is used to delegate legal authority to another person says LA Probate Law. The principal gives the agent the authority to make legal decisions on his/her behalf, including handling bank accounts, real estate, and other assets. The potential for fraud exists in every power of attorney arrangement, through self-dealing, embezzlement, and unlawful gifting. In some situations, a power of attorney holder will significantly deplete an estate, leaving the heirs of the principal with little or no inheritance. Other ways in which a power of attorney can be abused include changing beneficiary designations on life insurance or annuities, and opening bank accounts with joint title or pay-on-death provisions in favor of the agent. The potential for power of attorney disputes is great, and can lead to lawsuits.

Elder Abuse Actions

Your actions depend largely on the threat he is facing, real or perceived. If your loved one is the victim of a criminal act, you should contact the local police or sheriff immediately expresses LA Probate Law. Frequently the elderly are victims of a confidence game, shady transaction or even a scheme to change an estate plan. These transactions can frequently be reversed and sometimes assets can be frozen before they are forever lost. In these circumstances, you should also consult with an elder abuse attorney immediately.

LA Probate Law on Elder Financial Abuse Laws

LA Probate Law: How Does Trusts Work

Scott Schomer — Thu, 12 Apr 2012 14:14:23 -0800

LA Probate Law: How Does Trusts Work

Over the last two decades, the popularity of Living Trusts has skyrocketed. No longer is a tool just for the rich, Living Trusts one of the most common estate planning tools in use today states LA Probate Law. This legal arrangement, usually drafted by an estate attorney, creates a separate entity called a Living Trust. A Living Trust is called that simply because it is created while you're alive (as opposed to a "testamentary" trust created after death).

Trust

A trust is different from a will in that it usually allows for the private distribution of assets. The trust provides for the appointment of a successor trustee to manage the process after the death of the loved on. The process is usually commenced by sending a notice of administration to relatives and beneficiaries says LA Probate Law.. Depending on the terms of the trust, successor trustee may be required to continuing holding assets, prepare an accounting or file tax returns. It is important to remember that a trust only governs assets that are actually held in the name of the trust. Even with a trust, it is important to remember that there still may be times where it is necessary or advisable to commence a probate proceeding. After reviewing your estate planning documents, we can help you determine your next steps including whether or not to file a probate proceeding.

Living Trust

The Living Trust document itself names three different parties. The individual (couple) that establishes the Trust is named the Grantor (referred Trustor). The Trustee is the person named by the Trust as the controller of the Trust's assets says LA Probate Law. On the receiving end, the Beneficiaries are the heirs that will benefit from the Trust once the Grantor's have passed away. Almost anyone with an estate of $100,000 or more can benefit from having a living trust. Estates of $100,000 or more are often subjected to probate in their state of residence, which can cost anywhere from 2%-4% of the estate's value in court and legal fees. The living trust also is useful for individuals subject to estate taxes. Through a living trust, a couple is able to maximize their Unified Credit to its fullest. It even accomplishes protection for individuals wanting to avoid conservatorship.

Will is Essential

A will is an essential back-up device for property that you don't transfer to yourself as trustee. For example, if you acquire property shortly before you die, you may not think to transfer ownership of it to your trust -- which means that it won't pass under the terms of the trust document. But in your will, you can include a clause that names someone to get all of the property that you haven't left to a specific beneficiary says LA Probate Law. A will is a good start but may not be the end of the process. A will sometimes stands alone and sometimes works in conjunction with a trust. A will contains instructions to the probate court about how your loved one wanted his assets distributed after death. A will does not, however, deal with non-probate assets which will be transferred without reference to the will.

LA Probate Law: How Does Trusts Work

LA Probate Law Talks about Conservatorship to Manage Situations

Scott Schomer — Tue, 10 Apr 2012 14:08:30 -0800

LA Probate Law Talks about Conservatorship to Manage Situations

A conservatorship is a court proceeding where a court appoints someone to serve as the “manager” of the incapacitated person. A manager may be appointed after a screening process that includes review by a court investigator and a court appointed attorney says LA Probate Law. Depending on the scope of the court’s order, the conservator may be able to determine such things as where the elderly person lives, how his money is spent and what medical treatment to authorize.

Appointed

To be a conservator, an individual must be willing to accept the fiduciary role of managing the incompetent person’s affairs under the supervision of the probate court. To be a conservator, you must be over the age of 18 and capable of obtaining a bond to insure performance of your duties. The court will examine any applicant to determine whether there are any past problems or conflicts of interest that would serve to disqualify an applicant. Typical problems that disqualify applicants are previous bankruptcy filings, felony criminal convictions and judgments arising from fraud or breach of fiduciary duty. In appointing a conservator, the probate court will first follow the written directions of the Conservatee explains LA Probate Law. In the absence of written directions, the probate court will give priority to family members. The probate court can also appoint neighbors, friends or even a private professional to serve in the role. The probate court is also empowered to appoint the county through an agency known as the public guardian.

Establishing Conservatorship

The conservatorship is started by an interested party filing a petition with the probate court seeking the appointment of a conservator. The screening process requires notice to the incapacitated person, who must be represented by court-appointed counsel. Frequently the incapacitated person is evaluated by a medical professional to determine whether the potential conservatee’s level of mental impairment, if any. If the incapacitated person objects, he has the right to a jury trial before being placed under a conservatorship. If a conservatorship is necessary and warranted, the court will issue an order appointing an individual conservator. The appointed conservator then obtains Letters of Conservatorship which gives the conservator the legal authority to manage the conservatee’s affairs. The appointment process usually takes more than a month and sometimes longer explains LA Probate Law.

Disagreement

Priority will generally be given to the conservatee’s written instructions or family members. Sometimes, however, there are circumstances where appointing a designated representative or family member is going to create additional problems. In those circumstances, the probate courts frequently appoint a neutral party to serve as the conservator expresses LA Probate Law. If no one close to Conservatee is considered neutral, the probate court may appoint a third-party such as the County (through an agency known as the Public Guardian) or a private professional conservator.

LA Probate Law Talks about Conservatorship to Manage Situations

LA Probate Law Talks About Contesting a False Will

Scott Schomer — Sun, 08 Apr 2012 13:45:26 -0800

LA Probate Law Talks About Contesting a False Will

Unfortunately this is an increasingly popular form of elder abuse. Unscrupulous parties will frequently convince an elderly or incompetent person to write an estate plan, or change their existing one, to make the unscrupulous person the beneficiary of the elderly person’s estate. Sometimes the victim is convinced to sign a deed or transfer assets. What is not commonly known (even among many estate planners) is that certain estate planning decisions are presumed fraudulent under law. LA Probate Law is familiar with statutory presumptions and have challenged numerous estate plans on the basis of fraud, forgery, undue influence and impaired capacity.

Contest

The best strategy is almost always to challenge these arrangements while the victim is still alive. Upon an appropriate petition, the probate court is empowered to void asset transfers and cancel estate planning documents that were created improperly. Forged Wills can arise from family problems, as do the other kinds of disputed Wills. However, there have also been cases where fraudsters have targeted isolated elderly people with no close relatives or friends in order to gather the knowledge required to falsify a Will in their name. In these situations there may be nobody to challenge the Will or make a claim regarding the true wishes of the deceased says LA Probate Law.

Recovery

Assets must normally be recovered through a civil lawsuit or action. In some instances, the probate court has expedited procedures that allow asset recovery for the victims of elder abuse says LA Probate Law. If the victim is not able to protect himself, the probate court is empowered to appoint a conservator to pursue asset recovery. Interested parties such as heirs and beneficiaries are also entitled to seek court intervention.

Forgery

A person "falsely makes" a written instrument when he makes or draws a complete written instrument in its entirety, or an incomplete written instrument, which purports to be an authentic creation of its ostensible maker or drawer, but which is not such either because the ostensible maker or drawer is fictitious or because, if real, he did not authorize the making or drawing thereof explains LA Probate Law. The intent must be to defraud another, but it is not requisite that any one should have been injured. It is sufficient that the instrument forged might have proved prejudicial. An unfortunate side-effect of proving a forged Will is that the fraudsters may still receive a share of the estate if they are related to the deceased. This is because in many cases the invalidation of a Will which is proven to be forged leads to the deceased being declared intestate, meaning that the default inheritance rules apply.

LA Probate Law Talks About Contesting a False Will

LA Probate Law Talks about Stealing an Estate

Scott Schomer — Fri, 06 Apr 2012 13:36:57 -0800

LA Probate Law Talks about Stealing an Estate

Unless waived, a personal representative is required to render an accounting prior to distributing any assets. If you believe that the personal representative is not being truthful, an interested party is entitled to challenge the proposed accounting and even force disclosure of financial records says LA Probate Law. Accounting for missing assets is going to depend on proof and possession. For instance, if you know that the decedent had a special ring but it cannot be found, it may be difficult to show that the personal representative was responsible for its disappearance. Where a personal representative has taken assets, however, the probate court has broad powers to order their return or damages to compensate for the loss.

Criminals

Organized Crime has a Procedures Manual for destroying families and stealing their estates. It’s NOT pretty. Knowing how these crimes work will help you to protect yourself and your loved ones. Many people report very similar experiences. For the most part, there is no single crime called “fraud.” However, fraud is an intrinsic part of a number of offenses, most notably those in the theft category says LA Probate Law. The early theft crime of larceny required a taking of property from the possession of another; therefore using deceit to take the property of another that had been entrusted to the offender was not punishable because it was not larceny.

Impersonations

Property fraud happens in many ways, but typically a fraudster will impersonate a homeowner and forge documents to try to persuade Land Registry to transfer the title into their name. They then use the property to raise a mortgage from a bank – and disappear with the money expresses LA Probate Law. Identity theft occurs when someone appropriates another's personal information in order to commit theft or fraud. The Federal Trade Commission collects complaints about companies, business practices, identity theft, and episodes of violence in the media. In fact, fraudsters often target properties where the owner is absent – for example if the owner is a landlord, lives somewhere else for part of the year, is in residential care, or has died leaving the property held in trust.

Reporting Fraud

Fraudulent activities should always be reported to your local law enforcement office. The following is additional information on how specific types of fraud complaints or cases of suspected fraud can be submitted to federal agencies. The report of elder financial exploitation should be made to each state's adult protective services, which can be accessed by the eldercare locator website says LA Probate Law. Protect your loved ones by creating a living will that allows you to express your preferences about medical treatment and end of life important decisions in the event you are unable to communicate them. A living will lets you specify decisions about artificial life support in advance. It not only ensures your wishes will be heard, but also protects your loved ones from having to make these difficult, deeply personal choices for you. I also emphasize that tweaking the documents ("amending" the documents, in legalese) is very easy and very inexpensive, assuming that the change is not overly-complicated.

LA Probate Law Talks about Stealing an Estate

LA Probate Law Discusses Trustee and Fiduciary

Scott Schomer — Wed, 04 Apr 2012 13:31:35 -0800

LA Probate Law Discusses Trustee and Fiduciary

Making a wise choice now can save trouble later. When creating an estate plan, you want to minimize infighting among beneficiaries if often a top priority. One good way to do this is to choose a trustworthy, competent fiduciary. "Fiduciary" is a general term for someone you designate to manage your affairs for you in the event of your death or incapacity, such as an Executor or Trustee. Your fiduciary has a special duty to do what is best for you and your estate and must follow the distribution scheme established by your Will or Trust. Your fiduciary should be someone you trust completely explains LA Probate Law.

Trustee Quality

A Trustee must be honest, responsible, have a high degree of integrity, and a genuine interest in the welfare of the trust and the beneficiaries. It is also very important that the Fiduciary has experience in the investment of assets and management of property to keep the trust income producing says LA Probate Law. There can never be a conflict of interest between a Trustee and the beneficiary. The law forbids a Trustee from acting in an adverse manner contrary to the interest of the beneficiary or from acting in his own benefit in relation to the trust. Trusts are commonly used by attorneys and financial advisors during the estate planning process. They aid in the distribution of assets, ensuring that everything goes to the correct people and entities.

Fiduciary

The fiduciary duty is a legal relationship, obligation and trust to act in the best interest of the beneficiary. The fiduciary or trustee, must employ undivided loyalty to the beneficiaries concerning all matters related to their trust and will be held accountable if he or she acts adverse or contrary to the interest of this relationship. Unfortunately, while trustees often do an acceptable job of completing basic tasks, conflicts and problems can arise when trustees don't understand where their loyalties should be and how do deal with the complex financial issues that can come with the job explains LA Probate Law. An individual, corporation or association holding assets for another party, often with the legal authority and duty to make decisions regarding financial matters on behalf of the other party.

Other Help

If you do not have a trusted individual to appoint, there are many other options available to you. A trust company, bank, attorney, or other professional fiduciary may be the right choice for you. You may be asking yourself what the difference is between individual and corporate fiduciaries. Both types of fiduciaries offer benefits that may be right for you, depending on your individual situation. An individual fiduciary may cost less than a corporate or professional fiduciary. While all fiduciaries are entitled to compensation for the work they do, a friend or family member may choose to waive compensation LA Probate Law. However, the person may be inexperienced in financial management, emotionally tied to the trust distributions, or simply too busy to properly administer your trust or estate.

LA Probate Law Discusses Trustee and Fiduciary

LA Probate Law on Estate Planning Considerations

Scott Schomer — Mon, 02 Apr 2012 13:19:33 -0800

LA Probate Law on Estate Planning Considerations

Estate planning is providing for the desired personal, economic, and legal consequences in the accumulation, conservation, and distribution of your property. It is the process of arranging for the well-being of your family and the use of your property to accomplish your objectives while you are living and after your death explains LA Probate Law. It is choosing from among the many alternatives that are available to secure your financial future, especially during retirement, and perhaps preserve an estate for your heirs after payment of debts, taxes, and other settlement costs. Take care of your family by making a will, power of attorney, living will, funeral arrangements, and more.

Everybody Needs a Will

A will tells the world exactly where you want your assets distributed when you die. It's also the best place to name guardians for your children. Dying without a will -- also known as dying "intestate" -- can be costly to your heirs and leaves you no say over who gets your assets. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die. Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration ("living will") and a power of attorney for health care, which gives someone you choose the power to make decisions if you can't says LA Probate Law.

Inventory of Assets

Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. LA Probate Law wants you to ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you're ever incapacitated? Whom do you want making medical decisions for you if you become unable to make them for yourself? If you own a business with others, you should have a buyout agreement. Naming a beneficiary for bank accounts and retirement plans makes the account automatically "payable on death" to your beneficiary and allows the funds to skip the probate process. Likewise, in almost all states, you can register your stocks, bonds, or brokerage accounts to transfer to your beneficiary upon your death.

Cannot find documents

Not having or not being able to locate estate planning documents is not usual. It is important to determine whether your loved one never created an estate plan, or whether the estate plan is lost or has been destroyed. If your loved one never created an estate plan, then the probate assets will pass to survivors according to the laws of California. Generally, a surviving spouse will be entitled to all of the community property. LA Probate Law says between one-third to one-half of the separate property depending on the number of children, if any, with the balance being divided equally into as many shares as there are members of the nearest living generation. If there is a will, but it has been lost or destroyed, under certain circumstances the heirs can still apply ask the probate court to admit the will. Otherwise, the estate will be administered with the assumption that that there is no will.

LA Probate Law on Estate Planning Considerations

LA Probate Law What You Can Do with Bureaucracy Hold Up

Scott Schomer — Sat, 31 Mar 2012 13:14:26 -0800

LA Probate Law What You Can Do with Bureaucracy Hold Up

The post-death administration process rarely moves as quickly as the survivors would like. We are experienced with all aspects of the administration process and know how to focus the process to reach your goal as quickly as possible. You should ask a LA Probate Law attorney you are considering what experience he has in probate. Talk to friends, relatives, business associates, or someone you believe has been an executor to find whether they have any experience with an attorney they can recommend.

Average Time for Estate Administration

The probate administration process usually takes a minimum of eight months and can sometimes take several years. The administration process can be delayed by numerous problems including (i) contests over the will, (ii) contests over appointment of the administrator, (iii) creditor claims, and (iv) accounting issues. The earliest that an estate may be closed and distribution made to the heirs or beneficiaries is approximately six (6) months after the opening of the estate. However, it is unusual for all administrative duties to be finalized within that period of time. LA Probate Law has found that 65% of the estates were closed in less than 12 months. The average time for estates was 11.6 months.

Delays in Administration

Some delays in the estate probate administration process are a natural product of court proceedings. The complexity of the estate can require that the personal representative follow procedural steps before distributing assets to heirs. Some court delays, however, arise from claims and contests between the heirs or other interested parties. Usually, the best method for resolving these procedural hurdles is through effective negotiation and compromise. Other delays in the probate estate administration process result from an administrator not properly discharging his duties says LA Probate Law. A personal representative is charged by the court to engage in timely and orderly estate administration. Whether an administrator is not acting in a timely manner depend on the circumstances and nature of the estate. A personal representative who fails to perform his duties in a timely manner can held accountable and sometimes sanctioned by the court.

Assets Supposed to Be Distributed

A personal representative distributes assets only after petitioning the court for approval to do so. By forcing the a personal representative to file a petition, the court insures that the personal representative has followed all the required steps including asset gathering, notifying and resolving creditor issues and accounting. A personal representative is required to give all interested parties notice of any petition to distribute. LA Probate Law are experienced with all aspects of the administration process and can tell you whether a delay is reasonable or the result of delay by the personal representative. If appropriate, we can force change and even remove a lackadaisical personal representative. If a deceased person's estate is below the statutory minimums, certain summary procedures may be followed which eliminate the necessity of full administration and the appointment of a personal representative.

LA Probate Law What You Can Do with Bureaucracy Hold Up

LA Probate Law Explains Probate Law

Scott Schomer — Thu, 29 Mar 2012 13:03:09 -0800

LA Probate Law Explains Probate Law

After a person dies, ownership (the legal title) of his or her property, assets and personal effects must be passed on (legally transferred) to the beneficiaries (heirs) listed in the Will. If there is no Will, the persons receiving assets are designated by State law. "Probate" is the legal name given to this process say LA Probate Law. The Will must be verified as the valid, final dispositive statement of the decedent (the official record of the deceased person's final wishes). The Will generally names the person or institution appointed to administer (manage) the probate estate process. When there is no valid Will, State law governs who receives the assets of the deceased. The term "probate" is also used in the larger sense of "probating the estate".

What Happens in Probate?

The probate process may be contested or uncontested. Most contested issues generally arise in the probate process because a disgruntled heir is seeking a larger share of the decedent's property than that he or she actually received. Arguments often raised include: the decedent may have been improperly influenced in making gifts, the decedent did not know what they were doing (insufficient mental capacity) at the time the will was executed and the decedent did not follow the necessary legal formalities in drafting his or her will. The majority of probated estates, however, are uncontested explains LA Probate Law. Basic Process of Probate Estate is collecting all probate property of the decedent; paying all debts, claims and taxes owed by the estate; collecting all rights to income, dividends, etc. settling any disputes; and distributing or transferring the remaining property to the heirs.

How Long Until Heirs Receive their Distribution?

The probate process and distribution to the heirs can be as short as 6 months and as long as two to four years depending upon the State laws regarding creditors’ claims, whether there is property to be sold, whether there are tax liabilities, whether there are disputes among heirs, and congestion in the State courts expresses LA Probate Law.

Probate Administration

Today the probate process is a court-supervised process that is designed to sort out the transfer of a person's property at death. Property subject to the probate process is that owned by a person at death, which does not pass to others by designation or ownership (i.e. life insurance policies and "payable on death" bank accounts). LA Probate Law says a common expression you may have heard is "probating a will." This describes the process by which a person shows the court that the decedent (the person who died) followed all legal formalities in drafting his or her will. What is often taught about the probate process is how to avoid it. The movement to avoid probate is primarily motivated by the desire to avoid probate fees. It is, in fact, quite possible to avoid the probate process completely. There are three primary ways to avoid probate and its protections: joint ownership with the right of survivorship, gifts, and revocable trusts. The probate system, however, exists for the protection of all the parties involved and the focus of this article is what occurs in probate.

LA Probate Law Explains Probate Law

LA Probate Law: All About Wills

Scott Schomer — Tue, 27 Mar 2012 12:49:57 -0800

LA Probate Law: All About Wills

There are many ways you can create a will, including paying an online service to create the document or hiring a competent legal professional to draft one. However, you have to remember that in order for your will to be valid, it must meet certain rules as outlined earlier in this tutorial. If you have a small estate, you may be able to do this on your own, but because estate planning can be complicated, especially with second marriages, young children or non-traditional unions, it is worth considering paying a visit to an estate planning attorney or other estate planning professional says LA Probate Law. The last thing you want is to make a mistake and disinherit a loved one. The investment you make in an attorney may be worthwhile for you and your loved ones.

Simple Will & Joint Will

A simple will is usually used for small estates and is often used to avoid the complications involved with trusts and large estates, as well as minimize taxes that may apply. A simple will is usually executed using a single document. A single document executed by two parties. The parties make the will together, agreeing to leave their property to beneficiaries identified under the will. Typically, the parties agree to leave their assets to each other, but they can also agree to leave property to third parties explains LA Probate Law. The will dictates what happens to the assets after the second party dies, and can be used by married couples to protect children from previous marriages. Joint wills can be revocable during the testator's lifetime.

Mutual Will

A single or multiple documents by multiple parties who have agreed to dispose of their property in a manner agreed upon by all parties. Similar to joint wills, the parties agree to leave their assets to each other, but they can also agree to leave property to third parties. Mutual wills are intended to be irrevocable says LA Probate Law. Joint and mutual wills may not be advisable since these may in some cases disqualify the property for a marital deduction. A type of mutual will in which each spouse names the other as the beneficiary of his or her property. In this case a couple will draft separate wills containing the same information, resulting in their property being left to each other. Reciprocal wills are commonly referred to as "mirror wills". Reciprocal wills are often discouraged for couples with large estates, as they can result in an increase in estate tax, or cause the individual to be subject to estate tax when they otherwise would not have been.

Clauses Within a Will

There are five main parts to a will, each containing specific clauses describing the administrator of the estate, legal powers, witnesses, distribution of assets and other important information. LA Probate Law gives a brief summary of each section along with a description of the clauses within each section. There's a lot of flexibility as to what you put in a will. However, much of the language used in all wills is standard. There are certain elements that need to be included for it to be valid and legal.

LA Probate Law: All About Wills

LA Probate Law Recovering Stolen Assets

Scott Schomer — Sun, 25 Mar 2012 10:38:55 -0800

LA Probate Law Recovering Stolen Assets

Assets must normally be recovered through a civil lawsuit or action. In some instances, the probate court has expedited procedures that allow asset recovery for the victims of elder abuse.
If the victim is not able to protect himself, the probate court is empowered to appoint a conservator to pursue asset recovery. Interested parties such as heirs and beneficiaries are also entitled to seek court intervention. LA Probate Law has substantial experience with elder abuse and has recovered hundreds of thousands of dollars stolen assets for elders. If you find your loved one in trouble, please contact us immediately.

Contact Authorities

If your loved one is the victim of a crime, you should contact the authorities immediately. Please be warned, however, that in these situations you should also consult with a private attorney. Frequently governmental agencies do not have the resources to investigate the problems or will limit their investigation if they deem it a civil matter. Also, governmental agencies will stop their investigations if the abuser is “slick” or can convince the authorities that his actions are legitimate. LA Probate Law has frequently worked in conjunction with agencies such as Adult Protective Services to help victims of elder abuse.

Asset recovery is a complex process

The legal tools and procedures used by jurisdictions are not all the same. Law enforcement, prosecutors and investigating magistrates have to know how to navigate the laws of other countries and be prepared for a lengthy campaign. Taking a broader perspective, the note briefly reviews third party approaches to asset recovery and their implications for the asset recovery regime. LA Probate Law says that includes: transnational criminal approaches, human rights approaches and third party civil litigation. Developments in this area are unlikely to be driven through a negotiated process in the framework of international agreement. Instead, alternative avenues will be opened through the decisions of national authorities, judiciaries and activist litigants. Cases following human rights approaches are currently before national and regional courts.

Preventative measures often fail

Anti-money laundering measures that should intercept stolen assets are not fully or effectively implemented. If corrupt leaders and officials never had the chance to deposit stolen assets into a foreign financial system in the first place, there would be no need for recovery! The obstacles may sound daunting, but we must not lose hope. In recent years, some countries have made asset recovery more of a priority and taken important steps towards overcoming the barriers says LA Probate Law. There is clearly room to improve the stolen asset recovery process, which is important as nations rebuild and pursue a course of transparency and economic growth. When jurisdictions work together to overcome the obstacles, stolen assets can be returned to the citizens to whom they rightfully belong.

LA Probate Law Recovering Stolen Assets

LA Probate Law: Are You at Risk for Inheritance Scams

Scott Schomer — Fri, 23 Mar 2012 10:06:31 -0800

LA Probate Law: Are You at Risk for Inheritance Scams

The great fantasy everyone wants to come true: You receive an email from a lawyer, barrister or bank employee stating a long-lost relative you've never heard of has died. The email goes on to say that after an exhaustive search, you are the only known living heir to your long-lost relative's fortune. Congratulations, you're a MILLIONAIRE! But first, you need to pay the international transfer fee, a bank holding fee or cover some legal expenses and the money is yours!. All you have to do is fax your identification or a bit of personal information (social security number, bank account number and bank routing number, etc.) or simply reply to the email with your information. This is the most common opening for a con known as the unclaimed inheritance scam expresses LA Probate Law.

How Inheritance Scams Work

Another name for these "estate locators" is "research specialists". However, they didn't target you by completing any research says LA Probate Law. Instead you received this contact as part of a mass mailing sent all across America to people who share the same last name as yours. Each one of these folks is told there is cash from inheritances that have been located in their names. The research specialists make money by asserting they've put together an estate report that includes information on where the inheritances are located and how they can be claimed. For a relatively small fee, say around $30, you can receive this report. They may also propose to administer your inheritance claim for you, for another "small fee".

Scams Require Sending Money

Note that the victim will never know the person who supposedly died, and the person is usually not even real. Once a response is made to one of these emails, the scammer will explain that the victim must first send money to them to initiate the deal. This may be described as a fee for being named the relative, clearing payment, or any other number of excuses states LA Probate Law. The stories told by the scammer can be quite elaborate and they will go to great lengths to convince you that a fortune awaits. This includes sending you a large number of seemingly legitimate legal documents to sign, such as power of attorney documents. In some cases the recipient is invited overseas to examine documents and the money. The scammer will often organize an elaborate charade, complete with a safe full of money for anyone who takes up the offer.

How to Protect Yourself

Prior to sending any money to those claiming to be an "estate locator", double check with relatives about any recent deaths in your family. Also research the people and/or firm in question says LA Probate Law. Run their names by the Better Business Bureau, your state's Attorney General's Office and the U.S. Postal Inspection Service. Pay close attention to whether or not any investigations have or are currently being conducted against the firm, or people representing the firm, making the inheritance location offer. Remember, if an offer appears too good to be true, it probably is. Avoid disclosing personal or financial information. Don’t share personal or account information such as account numbers, check card numbers, Social Security numbers, or any other sensitive information with strangers.

LA Probate Law: Are You at Risk for Inheritance Scams

Administration of Missing Person's Estate

Scott Schomer — Tue, 02 Nov 2010 12:42:41 -0800

It is a traumatic experience to have someone close to you go missing. Not only is the mental trauma of not being to locate the person strenuous, but the financial aspect also begins to take its toll. The requirement to fulfill the needs of the absentee’s family and creditors and also to manage and protect the property has led to the enactment of legislature in many states including California.

For the immediate needs of maintenance and protection of property, a trustee can be appointed for a person missing for at least 90 days who is a resident of the state. This is only applicable in cases where the missing person is still presumed to be alive.

But, what is the recourse when a person has been missing for a very long period of time? In California, a petition can be filed to declare a person “presumed dead” when that person has been missing continuously for five years or more. The absentee’s surviving spouse, registered domestic partner, some family members, or creditors can file this petition in the missing person’s last known county of residence. The “presumed dead” petition is governed by California Probate Code Sections 12400-12408.

Under Section 12404, the petition must include the person’s last known place of residence and the address, the time and the circumstances when the person was last seen or heard from along with the description of the search and enquiry that had followed. The Court shall determine at the hearing whether the person can be presumed dead or whether the court wants further investigation about the whereabouts of the missing person, as per section 12406. If the Court finds the missing person presumed dead as per section 12401, then under Section 12407, the Court will also determine the date of death and appoint a personal representative to administer the estate in the same manner as that of a deceased person’s estate.

The missing person if he reappears later has the option of recovering his property from the beneficiaries under Section 12408. He will have to do so within a period of five years since the distribution of the assets. His right of recovery will be affected by what seems fair under the circumstances and will also take into account the cost of legal fees and other costs of administering the estate.

Are verbal wills valid California?

Scott Schomer — Mon, 20 Sep 2010 09:54:31 -0800

The short answer is: no. A will is a legal document, which lists down how a person called a “testator” would like his assets to be distributed after his death. A will also mentions the name of the executor of the will. If a person dies without leaving behind a valid will or intestate then his estate and all his assets have to be probated.

Just having something scribbled on a piece of paper does not amount to a valid will. The state of California, through Probate Code sections 6110-6113 specifically requires that wills be in writing.

The following is a summary of the various types of Wills and their validity in California:

Holographic will: A holographic will is a will, which is written by hand and not printed or typed on a computer. In California, a holographic will is valid only if all those sections of the will that make the will valid are written entirely in the testator’s hand, it is dated, and the will is signed by the testator. It must, however, be noted that the person writing this will must seek some professional legal opinion to ensure that none of the important language or components are left out, thereby, defeating the purpose of drawing up a valid will.

Oral will: An oral will is a verbal will and is also called “nuncupative will.” It is not valid in California and only recognized in very few states, and only under exceptional circumstances like an impending death of a soldier in a foreign land. This kind of will expresses a dying person’s wishes of disposing of his assets in the presence of a few witnesses. This is done in extreme circumstances where there is no time to do the procedures related to a written will.

Video will: A video will is an effort to leave your testamentary wishes on a video tape or other digital recording device. Video recordings are not valid wills in the state of California. Like an oral will, this could be done in those cases where time is of essence like in the case of a dying person. It could be admitted in the court only as a supportive tool of a written will, and not individually and that too only in extraordinary circumstances.

A formal or traditional will: This kind of will is in writing and is signed by the testator and also signed by at least two witnesses. This will can be signed on behalf of the testator, but in his presence and as per his directions. The witnesses must be present at the time of the testator’s signing of the will or at the acknowledgement of the signing. This is the most traditional kind of will and is recognized by the state of California as valid.

A California statutory will: A California statutory will must be completed and signed by a testator, and at least two witnesses must be present while the testator signs the will. The witnesses must also sign in the presence of the testator.

A will executed under the Uniform International Wills Act. An international will is valid in California. It does not matter where it was made, or where the asseets are located, or the nationality, domicile or residence of the testator.

An international will must be in writing and can be written in any language. Under the UIWA, the testator must state, in the presence of two witnesses and a person authorized to act in connection with international wills, that the document is the testator's will and that the testator knows the contents of the will.

Thus we have seen that a legal and valid will is only recognized in certain formats. Be sure and prepare your will pursuant to these guidelines.

Do-it-yourself (DIY) estate planning - Is it worth saving the few dollars?

Scott Schomer — Thu, 16 Sep 2010 09:11:01 -0800

Through online legal document portals, consumers have access to a number of DIY legal documents available on the internet to create their own wills and power of attorney. This may save them money and time. But has the internet really empowered the public to handle their estate planning or does it create many avoidable problems?

Most lawyers agree that using online legal documents may result in errors. While filling up the online documents, one may miss a simple question; some terms may be difficult to understand and may confuse the user and she may fill it incorrectly; and some may not update their online wills when changes are needed. There are numerous examples of a consumer who created an online Will, but had not updated it after some of his beneficiaries died.

I was recently involved in a situation where a decedent, using will kit purchased from an office supply store, created his "Will" with the assistance of his friends. His one and only wish was that his child not be appointed fiduciary and not have any control over the finances. Either because he did not understand the form, or did not complete it, the wish was not upheld and the estate plan virtually worthless. Worse yet, the interested parties spent ten times the amount of an attorney prepared the estate plan fighting to enforce this wish.

An attorney can help in prevent errors and may also help in reviewing and updating the estate plan in case of changes in the family including those through divorce, pre-deceased beneficiaries or new births in the family. An experienced lawyer can show you methods of avoiding costly probate paperwork and court proceedings, and explain the intricacies of using trust funds and exemptions in your asset protection strategy.

If you own no real property or valuable personal property, have only one or two small bank accounts, and have no minor children, you can probably write your own Will, with the assistance of a reputable book, software package or online service. But even on following all the instructions, if the Will is not properly signed, it is presumptively invalid and your beneficiaries will spend large sums of money in legal fees rectifying the errors.

Common errors encountered when you do your own estate planning documents:

1. Failing to sign the Will;

2. Failing to execute the Will, in the presence of witnesses;

3. Invalid witnesses during execution of the Will;

4. Invalid amendments to a Will; and

5. The Will is outdated at the time of death.

Hence even if you do your own plan, an attorney review is recommended to ensure that all the components are in proper place. Estate planning is being done for the benefit of heirs and beneficiaries. Unless executed well, it can only become a burden to them; hence, it is crucial which path you decide to take in your estate planning.

What are the Crucial Estate planning documents?

Scott Schomer — Sat, 11 Sep 2010 15:21:12 -0800

I am often asked to name the essential documents for an estate plan. In California, an estate plan should include four or five basic estate planning documents. If your current family and financial situations do not warrant the need for a Revocable Living Trust, then your foundational estate plan based on a will-based estate planning will include the following three important legal documents:

     1.     Last Will and Testament;
     2.     Advance Medical Directive; and
     3.     Financial Power of Attorney.

Last Will

A will is simply a set of instructions on how to distribute your assets to loved ones and charities upon your death. But it does not cover any specific beneficiary you would have mentioned for any account or savings plan. If such details need to be altered, they need to be done with the said accounts and plans.

Advance Medical Directive

This is a document which gives the medical power of attorney to someone if the physician or court decides that you are incapacitated to make a decision. This allows the person to make health care decisions for you in case of any need. This document also describes your wishes regarding the use of life-sustaining measures in the event of terminal illness.

Financial Power of Attorney

This enables the concerned to manage assets that are titled in your individual name, including retirement plans, and assets titled in joint names as tenants in common. Choose carefully because, in general, this person can buy and sell your assets. In estate planning, the most commonly used versions of the financial power of attorney are:

1. A Durable Power of Attorney, which goes into effect as soon as you sign it; and
2. A Springing Durable Power of Attorney, which only goes into effect after you have been declared mentally incapacitated.

Revocable Living Trust

If you require a Revocable Living Trust, then this document will contains a detailed set of instructions covering three important periods of your life:

1. What happens while you are alive and well;

2. What happens if you become mentally incapacitated; and

3. What happens after your death.

In addition, assets held in the name of your Revocable Living Trust at the time of your death will avoid probate.

This is a brief overview of all the different documents which should be in order for good estate management. To determine which one fits your exact requirement, however, it is mandatory to consult an estate planning lawyer and create these documents as pursuant to the legal requirements of your state.

Probate is Going to Get Worse in These Tough Economic Times

Scott Schomer — Sat, 20 Mar 2010 15:37:49 -0800

One of the typical goals in estate planning is to avoid the probate administration of your estate. The principal reasons for avoiding probate administration are: (1) the cost; and (2) the delay associated with the process. In Los Angeles, the process of probate administration is controlled by the Los Angeles Superior Court system, nation's largest trial court system, with 600 courtrooms in 50 courthouses throughout the county.

These tough economic times have caused problems for all types of governmental agencies and private businesses. California, in particular, has suffered from massive budget operating deficits in recent years that have required severe cutbacks in most areas of governmental services. Over the past year or so, these budgetary problems have had a direct impact on the Los Angeles Superior Court system. Court fees, those charged for filing petitions and various pleadings with the Los Angeles Superior Court, have been slowly raised for most filings, including probate filings. Starting in July 2009, the Superior Court implemented a monthly furlough program, where the courts were closed the third Wednesday of every month. While the employee furlough program has been difficult, court personnel have made Herculean efforts to continuing the orderly processing of legal matters.

Unfortunately, the news of California budgetary problems is only growing worse and, earlier this week, there was a stunning announcement that will undoubtedly impact the speed of the probate administration process. On March 17, 2010, Presiding Judge Charles McCoy announced that the Los Angeles Superior Court will lay off 329 staff members and closing 17 courtrooms county-wide. The layoffs will most likely not be the last of the personnel cuts. Court officials predicted 500 more people could be laid off and 50 more courtrooms closed by September 2010. In announcing the cuts, Presiding Judge Charles "Tim" McCoy warned of delays and longer lines. "When you cut this deep into the workforce of this court, the system must ultimately wear down,"McCoy said.

Now, more than ever, it is important to create an estate plan that avoids the cost and delay associated with the probate administration process. A living trust is a private agreement that allows your chosen fiduciaries to administer your estate privately, outside of the Superior Court. A living trust, combined with powers of attorney, allow your loved ones to privately manage your affairs in the event of your sudden incapacity. These documents, working together, allow your loved ones avoid having to file a probate administration proceeding, or seek a conservatorship, through the Los Angeles Superior Court system. A well-crafted estate plan is usually significantly more economical than relying on the default probate systems administered by the Los Angeles Superior Court. If you have not done so, create an estate plan today—your loved ones will be grateful for your foresight.