On October 8, 2017, a series of fires started burning across our state, destroying over 245,000 acres in Napa, Lake, Sonoma, Mendocino, Butte and Solano Counties. These fires were the costliest group of wildfires in the history of California and the most destructive, causing at least $9.4 billion dollars in insured damages. So we must ask ourselves, can this ever…
Andrea’s kitchen table looked like a tornado had struck. Papers were strewn everywhere. For several hours, she reviewed bills, cancelled checks, bank statements, tax returns, and receipts, then she threw up her hands. “Darn it, Dad, I can’t do this. Why did you leave me with such a mess?” Finally, she called her friend, Sally, who was a bookkeeper. When…
Lauren studied herself in the mirror and grinned. She looked absolutely perfect: Designer dress, classic heels, just a touch of make-up. Being the executor of her father’s will was going to be so much fun! There were going to be all those good-looking lawyers and the grouchy judge who silences everyone with the crack of a gavel. Oh, and maybe…
When John was named the executor of his mother’s estate, he expected the process to take a month, at the most. “After all,” he told his wife, Holly, “Mom didn’t have much. I’ll just fill out the forms and turn over the will, and I’ll be done. Easy peazy.” Holly smiled at her husband, her eyes filled with amusement. “I…
When we last met Jenna and Mark Livingston, they were hunkered down in St. Thomas, U.S Virgin Islands, waiting for Hurricane Astrid to pass. As they huddled in the town assembly hall, Jenna, an attorney, and Mark, a pediatrician, bemoaned their failure to adequately plan for the care of their children in the event of their death. Both age 30,…
Do I Need to Update my Estate Plan?
When Jackson Carter died, his family knew just where his estate planning documents were stored: In his safety deposit box. He had told them so at least once a week.
Once the family received permission to open the box and remove the documents, they delivered them to his attorney. Then they met to discuss the particulars.
Joint checking accounts are not always the answer.
At age 65, Louisa Willis was anxious to get all of her estate planning ducks in a row. Louisa decided to forgo the traditional methods of estate planning—a Will and Living Trust– and created a joint checking account, naming her son, Ben, as the co-owner. Louisa’s reasoning was simple. By creating a joint account, Ben would have immediate access to her funds “in emergencies,” such as long-term care or upon her death, funeral expenses.
No Will? No Way!
Dying without a Will is a bit like playing Russian roulette. It leaves the distribution of your assets to chance.
A Last Will and Testament not only declares your final wishes as to the distribution of your property, it ensures that those wishes are carried out properly. Upon death, a Will is filed with the local probate court, and it is that court’s job to oversee the distribution of your assets as set forth in that document. When you die without a Will, however, the state determines how your assets will be distributed and that distribution is made by a preset formula. Your desires no longer matter.
In the spirit of educating, I’m very excited to share my LIVE radio interview on KSFO, and their sister station KGO, from the Greg O’Donnell Financial Hour broadcast on February 25, 2017. My twenty minutes of fame explained the importance of having an estate plan, what to think about when choosing your executor or trustee, why it’s very important to…
Estate planning is a critical necessity when someone is diagnosed with a terminal illness: It is vital that the proverbial “house” be put in order. Timing quickly becomes a concern. At a certain stage in a terminal illness, it may become difficult to ascertain desires, or identify the information required, to carry out effective estate planning. In addition, mental competency,…