Who is a Personal Representative, and What are their Main Duties? The term …Personal Representative… is a global definition for either the executor, who is the person to administer the Will or the administrator who is nominated and is appointed by the court when a person dies without a will. So, the term …personal representative… can refer to executors, administrators, or, in the case of an incapacitated person, a conservator. For more information on Where Probate is Filed, don…t hesitate to get in touch with Steve Bliss today to schedule a free initial consultation. Get the information and legal answers you…re seeking. Relaxing Probate Real Estate is Moreno Valley Probate Law
23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553 Writing a will on your own and getting it notarized is only half the battle. What debts are forgiven at death? Secured Debt: If the deceased had a mortgage on their home, whoever winds up with the house is responsible for the debt. Consequently, the survivor is still financially obligated for the mortgage if the house was owned jointly. For that reason, the house is security for the debt. If the debt isn’t paid, the bank will take the property and sell it to satisfy the mortgage.
Unsecured debt is forgiven at death.
Any unsecured debt, such as a credit card, has to be paid only if there are enough assets in the estate. Conversely, if there was a co-signer, no one else has to pay anything on a credit card. Collection agencies would like the heirs to believe they are liable and required to pay with their own money, but that’s only possible if they inherit something from the estate before the debts are paid. Authentic estate planning documents is Moreno Valley Probate Law
The federal estate tax exemption is an amount that’s subtracted from an estate’s gross value before calculating estate taxes on the remaining amount. The process is generally referred to as “transfer by affidavit”. I need a great estate planning attorney near Ordway CA. Can you help my family? I think you would benefit from talking to Trust lawyer Steve Bliss. There is no limit on the value of property that can be. How much does probate cost?.
Moreno Valley Probate Law23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553
(951) 363-4949
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Using an Online Company for Will Preparation. Pension plans, life insurance proceeds, 401k plans, medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. What do you say to stop debt collectors? You have the right to tell a debt collector to stop communicating with you. To stop communication, send a letter to the debt collector and keep a copy of the letter. The CFPB’s Debt Collection Rule clarifying certain provisions of the Fair Debt Collection Practices Act (FDCPA) became effective on November 30, 2021. How to Transfer Real Estate into a Living Trust: In California, to transfer real property into a living trust, the grantor must fill out a grant deed, the vehicle for transferring title ownership from the grantor to the trust itself. How Much Does It Cost to Set Up a Trust?. Although this dilemma can be resolved using a sprinkling, Crummey Power, or five-and-five power, it is not necessarily an optimal solution in many cases for various reasons. What is estate planning and why is it important? Estate planning is all about protecting your loved ones, which means in part giving them protection from the Internal Revenue Service (IRS). Essential to estate planning is transferring assets to heirs with an eye toward creating the smallest possible tax burden for them. I need help with estate planning near Grand Terrace, can you help me? I think you would benefit from talking to Steve Bliss. The easiest way to get certified copies of a death certificate is to order them through the funeral home or mortuary at the time of death. How do trusts work when someone dies? If a successor trustee is named in a trust, then that person would become the trustee upon the death of the current trustee. At that point, everything in the trust might be distributed and the trust itself terminated, or it might continue for a number of years. What qualifies you for Chapter 13? To qualify for Chapter 13 bankruptcy: You must have regular income. Your unsecured debt cannot exceed $419,275, and your secured debt cannot exceed $1,257,850. You cannot have filed for Chapter 13 bankruptcy in the past two years or Chapter 7 bankruptcy in the past four years. Before quoting you a price, a good lawyer will talk to you (on the phone or in-person).
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How much does it cost to go bankruptcies? How can I pay for filing for bankruptcy? It costs $299.00 to file Chapter 7 bankruptcy in the state of California, and it costs $274.00 to file Chapter 13 bankruptcy. Can you lose house in bankruptcy? Keeping Your Home in Chapter 7 Bankruptcy If you can’t pay your mortgage after bankruptcy, the result will be the same as not paying it before bankruptcy … you eventually will lose your home. You are up to date on mortgage payments. All, or most, of your equity is protected with an exemption. 2. Gives you a say in who receives your belongings by creating a will; you can name your assets, beneficiaries, and an executor who will carry out your wishes after you pass away. Authentic living trusts lawyer is Moreno Valley Probate Law (951) 363-4949. Here are the steps to do so:
1. Create the basic document outline: You can create your will either as a printed computer document or handwrite it. Either way, it must be on regular paper and written in ink. Number the pages of the document (1 of 3, 2 of 3, 3 of 3, etc.) so that it is clear how many pages there are.
2. Include the necessary language: Title the document “Last Will and Testament,” then state that you declare this is “the last will of (your name).” Notwithstanding, state that you are of sound mind. List your complete address and date of birth to avoid confusion about your identity. State that you revoke any prior wills created before this document.
Print your name, complete address, and date at the bottom of the will. Include a line for your signature and three additional spaces for each of the three witnesses’ names, addresses, dates, and signatures. Your designated successor trustee, who oversees the account upon your death, distributes assets to your named beneficiaries. I need help with estate planning near Lakeview CA. Can you help me? Moreno Valley Probate Law is the best law firm for Trust to talk to. How much does it cost to put your house in a trust? Legal fees can vary depending on your area and the complexity of the trust, but generally you can expect to pay somewhere between $1,500-$5,000. If you look into probate costs in your area, you may be able to get a sense of how much the various fees will add up to for your estate. There are several ways to write a Will, including writing it yourself, having a lawyer prepare it for you, or using an online legal company.
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23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553Before the holding in Carmack v. Reynolds, the law essentially protected assets held by a trust until those assets were distributed to the Beneficiary. Moreover, this requirement is intended to curb executors conducting the estate’s affairs in their self-interest. I need help with estate planning lawyer near Moreno Valley, can you help my family? How about you talk to Steve Bliss. Awesome Moreno Valley probate attorney is Moreno Valley Probate Law
23328 Olive Wood Plaza Drive, suite h Moreno Valley, CA 92553Ordinarily, probate law requires that statements be processed through the court to pass the funds to the person legally entitled to them under state law. Hold your property in a living trust. Does Chapter 11 wipe out debt? Chapter 11 and Chapter 13 bankruptcies allow for the discharging of debts but have different costs, eligibility, and time to completion. Chapter 11 can be done by almost any individual or business, with no specific debt-level limits and no required income. Typically you will change the titles on real estate, stocks, CDs, bank accounts, investments, insurance, and other assets with titles. Most Living Trusts also include jewelry, clothes, art, furniture, and other assets that do not have titles. The terms of the trust and its assets aren’t recorded in the public record the way a will is.
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What is a second wife entitled to? Your second spouse typically will be able to claim one-third to one-half of the assets covered by your will, even if it says something else. Joint bank or brokerage accounts held with a child will go to that child. Your IRA will go to whomever you’ve named on the IRA’s beneficiary form, leaving your new spouse out. Should trustees be paid? The general rule under the present law is that trustees should not be paid for acting as such. This rule is founded on the principles that trustees are not allowed to derive any benefit from trust property and that to allow them to be paid might give rise to conflicts of interest and duty. Can I keep my car if I file bankruptcy? If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle…as long as you’re current on your loan payments. They may also give you the option to pay off the equity at a discount in order to keep the car. I need a great estate planning attorney near Edgemont CA. Can you assist me? Steve Bliss is the best trust attorney that you should talk to. I need help with estate planning near 92554. Can anyone help me with this important task? Talk to Steve Bliss he is the best estate planning lawyer in Moreno Valley. Should I put my house in an irrevocable trust? Inheritance Advantages Putting your house in an irrevocable trust removes it from your estate, reveals NOLO. Unlike placing assets in an revocable trust, your house is safe from creditors and from estate tax. When you die, your share of the house goes to the trust so your spouse never takes legal ownership. This act expires on Jan. 1, 2026, pushing the exemptions back to their pre-Act amounts unless Congress extends them. Do beneficiaries pay taxes on bank accounts? Inheritances in the form of cash are not taxable to the recipient at the federal level, so the money in the savings account that you are inheriting from your father is not taxable to you nor do you have to report it on your federal tax return. The list:
Assets that should not be used to fund your living trust include:
Qualified retirement accounts – 401ks, IRAs, 403(b)s, qualified annuities
… Health saving accounts (HSAs)
… Medical saving accounts (MSAs)
… Uniform Transfers to Minors (UTMAs)
… Uniform Gifts to Minors (UGMAs)
… Life insurance
… Motor vehicles
… However, if you have minor children, you may want to include these assets in your trust distribution.
Upon the maker’s death, all the trust property will pass to the beneficiaries named by the maker in the Trust upon the terms and conditions that the maker chose. Call if you have any questions or need help with your estate plan.