Rita Holder LawHolder Legal2024-03-18T10:42:05Zhttps://www.ritaholderlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1400079/2020/03/cropped-Rita-Holder-ICON-512px-32x32.pngOn Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482492024-03-18T10:42:05Z2024-03-18T10:42:05ZSetting up a pet trust can offer you peace of mind
As a dedicated pet owner, you strive to keep your pet safe and healthy at all times. A California pet trust can allow you to continue caring for your pet even after you pass away. It can help you set aside funds and lay out a plan for their care. Through this document, you can name a trustee to oversee the distribution of funds and a caregiver to look after your pet according to your wishes.
Some concerns you may want to specify on the pet trust are:
Grooming routines
Food and diet
Preferred toys
Medical care
Reimbursement procedures
Disposition of pet’s remains
Compensation for the caregiver
A well-structured pet trust may help dispel any worries about your pet’s future well-being. You can set up the trust to take effect upon your death or when you become incapacitated. It will also remain enforceable for the duration of your pet’s life. This legal tool compels your trustee to honor the terms you set, protecting the funds you set aside from misuse.
Establishing a pet trust
Considering the possibilities of legal disputes, it may be wise to set up a pet trust with the help of a lawyer. A comprehensive pet trust should fully address your pet’s future needs and manage the flow of funds, ensuring their continued happiness and care.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482472024-03-13T10:16:05Z2024-03-13T10:16:05ZThings to include in your estate plan
Everyone knows that accidents can happen, so they should prepare for the unexpected. Having an estate plan ensures the fulfillment of the owner’s wishes on who should get the following:
Funds from a bank account: If there’s a joint account, the other account holder will automatically get the funds.
Residential property: The surviving spouse will be the sole owner of the house that’s registered as community property in a California county.
Other assets of the estate: The owner can specify who gets what, except for financial investments and insurance proceeds. The beneficiaries named in financial records will receive the monetary fruits.
An estate plan can include powers of attorney for financial and medical decisions in case the owner becomes unable to decide. Parents can also add provisions on how to raise their minor children.
Securing the management of your assets in life and death
Estate planning involves more than just the creation of trusts and wills. A living will is an advanced directive that says what to do with you while you’re incapacitated. It may include the owner’s choices for financial concerns, medical decisions and childcare provisions.
Ensuring that your loved ones get their fair share of the estate
With life’s uncertainties, it’s vital to manage your assets correctly to show your concern for your loved ones. Creating an estate plan early assures them of your care and support in case something untoward happens to you.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482442024-02-28T12:49:18Z2024-02-28T12:49:18ZWho each conservatorship is for
General conservatorships are for individuals who can no longer care for themselves due to physical or mental incapacity as a result of aging, illness or disability. They are ones who require assistance in handling their personal care and managing their financial matters.
On the other hand, limited conservatorships are for people with developmental disabilities, making them vulnerable to fraud or abuse if not properly cared for. Usually, the conservatee in this type of conservatorship can somehow still care for themselves and manage their finances but only to a certain extent.
What the powers are in each conservatorship
A general conservator has comprehensive authority and responsibility over the personal care and financial matters of the conservatee. They make almost all the decisions for the individual under their care, including housing, health care, food, clothing and financial decisions, such as handling income and paying bills.
Conversely, the powers of the conservator in a limited conservatorship are tailored to the specific needs and abilities of the conservatee. This means the conservator may only have control over certain aspects of the conservatee's life, aspects which the court determines. This allows the conservatee to still practice self-reliance and independence.
Exploring options fit to your situation
If you are looking into conservatorship for your loved one requiring care and protection, it is best to first review the circumstances surrounding the situation meticulously before you explore available options. It is usually advisable to speak to a legal representative adept at conservatorships to ensure you are on the right path to protecting your loved one.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482412024-02-27T08:44:46Z2024-02-27T08:44:46ZTrusts do not go through probate
Wills must go through probate, which can be a lengthy and costly process. Assets in trusts, however, can bypass the probate process, allowing for an expedited and less expensive transfer of assets. This is because when you create a trust, you are creating a separate legal entity to hold your assets for your beneficiaries.
Trusts remain private
One of the appealing features of trusts is that they generally remain private. Unlike wills, which become part of the public record once their personal representatives submit them for probate, the terms of a trust and the details of the assets within them are typically not available to public.
Trusts allow you to manage assets even before death
Wills take effect only after your passing, whereas trusts allow you to manage and distribute assets during your lifetime and following your death. Hence, trusts can be an effective way to manage and protect your assets both during your lifetime and after your death.
Making your decision
It is important to note that while trusts can provide significant advantages, they are not a one-size-fits-all solution and you should consider it as part of a comprehensive estate plan. Trusts require careful drafting to ensure their structure aligns with your overall estate planning goals. Speaking to a lawyer who specializes in estate planning can give you clarity on whether a trust is right for your situation.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482382024-02-22T01:43:42Z2024-02-24T01:42:54ZMistake 1: not gathering enough information
It pays to take some time to gather as much relevant information about assets, accounts, debts and expenses as possible. Make copies of past tax returns, bank statements, titles, deeds, retirement plans and insurance policies. Also, gather history on things such as domestic dispute records that could come into play. Document everything thoroughly so your filing covers key history accurately.
Mistake 2: not making copies of all documents
Once you have gathered all your facts and documentation, be sure to make copies of everything you plan to reference or submit. This provides backups should any documents get damaged or misplaced during the proceedings. Keep one master set of your copies secure throughout the process.
Mistake 3: attempting to hide assets
A major mistake that often backfires is attempting to conceal or downplay certain assets to try to retain more after the divorce. Not only is this unethical, but if discovered later, it can seriously undermine one's case. Be upfront about all marital assets and be realistic in identifying which ones may be subject to division. The court will likely end up mandating it anyway.
By avoiding these key pitfalls upfront, you put yourself in a much better legal position from the very start. Consider these points as you plan your divorce.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482352024-02-07T10:23:03Z2024-02-07T10:23:03ZAny person with interest in the estate can contest a will if they have a valid reason to do so, including the following:
Facts showing that the deceased was not in the proper mental state when they drafted the will
Evidence giving reason to believe that there was undue influence during the will's creation
There are inconsistencies involving the will, potentially leading to forgery or fraud allegations
The will lacked specific components for it to be enforceable
These claims are often under the probate court's jurisdiction, making it appropriate to raise the issue during the process. However, these contests should have a proper basis, following the correct procedure.The party making the claim can begin by researching if the law has provisions to accommodate the objection and filing the petition to formalize it. The contesting party should also check if the will indicates any conditions that may risk their inheritance, such as no-contest clauses.
Contesting a will with caution
If the will includes instructions that seem out of the deceased's character, you may feel compelled to suspect its validity. Still, it is best to seek legal guidance before formally contesting it. If there are provisions regarding these scenarios, there can be a chance for you to lose your inheritance. Legal counsel can help navigate these complications effectively, helping you take the most appropriate course of action.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482322024-01-26T14:49:02Z2024-01-26T14:48:02Ztheir duties due to a lack of understanding or awareness, resulting in losses in the trust assets and damage to the beneficiaries’ interests.
On the trust: Damage to assets
A breach of fiduciary duty due to ignorance can substantially damage the trust assets. Mismanagement of investments, failure to diversify assets or inattentiveness to tax implications are just a few ways a trustee’s ignorance can financially harm the trust.
On the beneficiaries: Threatened financial security
Beneficiaries rely on trustees to manage the trust in their best interest. A trustee's ignorance can harm the beneficiaries' financial security, delay distributions and cause distrust. In these cases, beneficiaries may request the court to remove and replace the trustee or take legal action to recover damages. Accordingly, this can lead to strained relationships and lengthy legal battles.
On the trustee: Personal liability
Trustees must know and understand the terms of the trust agreement and the applicable laws on trust administration. Ignorance, whether genuine or feigned, does not absolve them of this responsibility. When a trustee breaches their fiduciary duty out of ignorance, they may face legal consequences that include personal liability for any losses incurred by the trust.
Courts are often unsympathetic to claims of ignorance, reinforcing the expectation that trustees must proactively educate themselves and seek professional advice on trust administration when necessary.
If you are looking for guidance in carrying out your duties as a trust administrator, it is advisable to seek support from an experienced trust attorney.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482302024-01-17T22:49:30Z2024-01-17T22:49:30Zunderstanding as much as possible about what could happen, what will happen, and how you will feel. Going into the process this way will make it easier and more manageable for all.
Friendship shuffle
Divorce can cause friendships to reshuffle. Some friendships may end because people may feel loyal to one party over another, and other people may want to stay away from the inevitable drama that comes with many divorces altogether. It can feel like a game of musical chairs, so be prepared to see your circle of friends change.
Familiar spaces shift
One of the hardest things about divorce is the changes that take place if you leave your home. Your home might feel like your haven, and you might find yourself, depending on your circumstances, going from a large, well-stocked home to sharing a living space with roommates.
Yes—adults often experience this immediately after divorce. It can be a normal part of short-term planning and making financial adjustments.
Shaking financials
Money matters can get tricky. Divorce often means splitting finances, both assets and debts, and it often results in everyone having less.
It is important to go into the process prepared to face unexpected changes in lifestyle and spending habits. It is unpleasant, but hopefully, over time, you will adapt and eventually be able to get back to where you were before the divorce.
Shared traditions diminish
Remember those special traditions you had as a family? Divorce can dim the glow of those shared moments. It is like a favorite book missing its pages—the story changes forever.
Co-parenting challenges
Co-parenting sounds great in theory, but it is often a challenge. Schedules, decisions and different parenting styles can make co-parenting much harder than you expect.
Identity change
One aspect of divorce that most people do not know about or expect is difficulty adapting to the new person they are now as a divorced person.
Couples who have been married for a long time may find it particularly challenging to separate their identity and self-worth from their marital status after getting divorced.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482282024-01-16T10:03:11Z2024-01-16T10:03:11ZDistribution to known heirs
If, despite reasonable efforts, the personal representative fails to locate some heirs, the court may eventually allow the distribution of the estate assets to known heirs. However, the estate may have to hold funds in reserve for a period in case unknown heirs come forward. The court’s decision will depend on the available facts and circumstances surrounding the situation.
Application of alternative methods and possible delay in probate
If the personal representative cannot find an heir despite reasonable efforts, the probate court may authorize alternative methods such as notice by publication.
The probate process may experience delays as the court may not close the estate until there is reasonable certainty that the personal representative has reasonably searched for and notified all heirs.
Reopening of probate
If an heir is discovered after the estate has been closed, it may be necessary to reopen probate to distribute their share of the estate. In California, a newly discovered heir or beneficiary seeking to reopen probate must file a petition with the original court handling the initial proceedings and provide a valid reason for the request together with relevant evidence or documentation.
Navigating probate complexities with guidance
Probate is complicated and there are several potential complexities, such as missing heirs, that can arise before, during and even after the process. This often necessitates legal guidance to navigate the obligations and protect the interests of all parties involved.]]>On Behalf of Rita Holder Lawhttps://www.ritaholderlaw.com/?p=482262024-01-08T15:31:00Z2024-01-08T15:31:00ZWhen elderly individuals suffer from debilitating conditions such as dementia and are no longer able to manage their finances and property, a court may appoint a conservator to provide necessary assistance. However, the tenure of a conservator is not indefinite. It can be subject to change as circumstances require.
As such, it is crucial for those involved to recognize the particular situations that can lead to a change in the conservator's authority or the appointment of a successor.
Conservator resignation
A conservator may encounter unpredictable personal circumstances that prevent them from further serving their conservatee. In such cases, the conservator must petition the court to be relieved of their responsibilities. Until the court approves this request, the conservator remains fully responsible for the elderly individual they are taking care of.The potential replacement can be a trusted family member, friend or a professional fiduciary who is prepared to assume the role.
Court intervention
There are times when a conservator might not be fulfilling their duties adequately due to incapacity or neglect. If this happens, the court can initiate a change. The conservatee, relatives or close associates can petition the court to find a new conservator. If the court decides to remove a conservator, it is not as simple as revoking their title. The old conservator must ensure they settle all their duties and seamlessly hand over everything to the new person.
The passing of a conservator
When a conservator dies, the following steps depend on the type of conservatorship. In a general conservatorship, if the conservatee can manage their affairs, the court can appoint a new conservator to serve as a replacement. In a limited conservatorship, the situation is different. Someone close to the conservatee must act on their behalf. A relative or friend should request a new appointment from the court.If no one takes this step, the conservatorship may end with the conservator's death.
Prioritizing their well-being
In addition to the circumstances above, conservatees have the right to challenge a conservator they believe is not acting in their best interest. They have the right to voice their concerns and seek court intervention if necessary. Understanding these rights is essential for conservatees and their loved ones. This understanding helps ensure that the chosen conservator remains the best fit for their needs and that their well-being is always the top priority.]]>