In end-of-life planning, the person will usually choose who gets what from their assets and property via a trust, insurance policy, or other estate planning tool. The person or persons on the receiving end are called beneficiaries as they benefit from the instrument. What are the Different Types of Beneficiaries That Exist? A beneficiary can…
Continue reading ›Usually, a decedent has a valid legal will or estate upon their death which indicates how they want their assets distributed. Intestacy refers to someone who dies without a will. This means how their assets are distributed will be decided by the probate court. The probate process requires the court to determine whether someone died…
Continue reading ›Under California law, co-owners of property who cannot agree on how to divide or manage their co-owned property have an absolute right to partition, which could result in the property’s forced sale. Generally, partition actions can’t be stopped without a valid waiver, however, co-owners can avoid, and even stop, partition proceedings in some circumstances using…
Continue reading ›An executor is someone appointed to manage a person’s estate once they pass away and ensure assts and property are given to the appropriate people. Because of the power they have, they must abide by their duties to the estate. Otherwise, they may be liable for their misconduct. What qualifications must an executor have? An…
Continue reading ›A self-directed individual retirement account (IRA) is an option as an individual retirement account that allows for more investment options than a traditional IRA-type account. If concerns arise surrounding your IRA, you may need to bring a lawsuit. As an owner or investor in that account you are able to. What is a self-directed IRA?…
Continue reading ›1031 exchanges are a real estate tax break that allows commercial property sellers to exchange a business, trade, or investment property for another, like kind, property while deferring capital gains tax on the sale. Without this tax break, sellers must pay capital gains tax at the time of sale. California law does not require the…
Continue reading ›If you think a trust exists, finding it is important to ensure it is distributed properly. If you are a beneficiary to that trust, it ensures you get your fair share. A trust is unlike a will or other similar document as it does not need to go through the probate process. Because it is…
Continue reading ›In California, the legal process of partitioning property is the process through which co-owners of real property divide the co-owned property, either physically or by sale. Typically, partitions occurs when co-owners disagree on how to manage or use the property. The legal process of partitioning property involves several complex steps. This blog post aims to…
Continue reading ›When you own a property with one or more people, you may end up in a dispute over payment for remodeling, upkeep, rent payments from tenants, or even wanting to get rid of the property. While it is worth trying to settle these disputes out of court, if they escalate you may want to consider…
Continue reading ›Yes. In California siblings can force the sale of inherited property through a partition action. Partition actions allow siblings who co-own inherited property to request a court-ordered sale of property when it cannot be physically divided or the siblings cannot reach an agreement on the property’s management and disposal. Allowing siblings to force the sale…
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