In California, when someone dies without a will or trust their property is distributed according to the state's intestacy laws. If there is a surviving spouse, it all goes to him or her. If not, it goes to children in equal shares, with the share of any deceased child...
Focused And Personalized Attention Concerning Your Estate Planning Needs
Michael A. Sawamura, Attorney at Law
Estate planning is about more than preparing for death
Many people in California postpone estate planning for the simple reason that they don't like to think about their own mortality. That is very human and totally understandable. Yet it is important to keep in mind that a solid estate plan is about much more than giving...
Whether Prince had an estate plan is unknown
The death of music legend Prince at the age of 57 earlier this month took many people in California and around the world by surprise. Another surprise may be in store for his family members: at the time this post was prepared, it was still unclear whether he left a...
How should an estate plan deal with sentimental property?
In last week's post we talked about the importance of providing instructions for the disposition of family heirlooms and other tangible personal property in one's estate plan. These items often have little or no monetary value but a lot of sentimental value....
Sentimental items can lead to conflict in estate administration
When people undertake the estate planning process in California, they tend to focus on the major assets: the house, other real estate, bank accounts and investments. Too often they overlook the things they own that have little monetary value but a lot of...
Understanding properties the that terms of the will covers
When a person in Sacramento takes steps to shore up his or her estate by preparing a will, it might seem like a relatively straightforward process. However, many are not fully aware of what the terms of a will entail especially when it comes to what is covered by it....
Tax benefits of an irrevocable life insurance trust in California
In last week's post we discussed what assets are included in one's estate under California law for estate planning - and estate tax - purposes. One of the assets we mentioned in that post is life insurance. If a person is the owner of a life insurance policy, the...
What property to include in California estate planning?
When a person decides to begin the estate planning process, one of the first tasks is taking a general inventory of their estate. But, what assets are included in one's estate under California law?In California, a person's estate includes everything that a person...
Income inequality and estate planning in California
Income inequality has become a major topic of political discussion in California and across the United States. Over the past couple of years, the media has published countless articles about the amount of wealth controlled by a small percentage of Americans. And, in...
How failing to draft a will affects an estate in California
For many in California, it can be uncomfortable to consider the inevitable reality of death. But, it is something that will happen to everyone. With that in mind, there are certain issues that have to be accounted for regardless of the financial and personal situation...