Who gets my stuff?
How do we think about whom we want to name as beneficiaries for our Wills and Trusts? For some people, it’s a no-brainer. A couple or single person may have lovely, well-adjusted children, and there’s no question that they will inherit it all. But one of the not-so-secret features of our society is that we don’t all have lovely, well-adjusted children. Leo Tolstoy wrote that “All happy families are alike; each unhappy family is unhappy in its own way.” I find that to be so true in estate planning. And, at the same time, I have some general advice. Gina is 80 years old and has had a lively,...
Read MoreKeeping your assets in your trust.
I started a theme last month, which has to do with making sure your assets are in your trust. This goes for real property as well as other forms of property. Last month I wrote about making sure that real property you own in states other than California is re-titled in your names as trustees of your trust. Let’s step back a minute and review what the legal term “property” refers to. Often people say they have no “property” because they don’t own real estate, or because they have not yet paid off their mortgage. Legally, there are several types of property and everyone has something. Real...
Read More