Estate Planning Archives

California music fans grieved the death of the Queen of Soul, Aretha Franklin, along with the rest of the world. Many of Franklin's fans have closely followed news about litigation involving her heirs since then. Soon after Franklin passed away, it was thought she had not executed a last will and testament.

Whether you've been working for decades or only recently began your journey into adulthood, it is never too soon to think about the future. You work hard to save money and to acquire things such as a home, a vehicle and perhaps even a vacation property, so it's understandable you want to protect those assets. It's also logical to assume that you want to do whatever you can to provide for your loved ones down the line and help them avoid a lengthy probate process when the time comes to administer your California estate. Estate planning is a valuable tool that can help you accomplish all of these goals and more.

In matters of estate in California or elsewhere, it is imperative that instructions in a last will and testament or trust be written so that all parties specified clearly understand the terms in the documents. If a particular phrase or wording is ambiguous, it could affect the validity of a particular inheritance document. Actress/model/swimsuit designer Elizabeth Hurley had a son out of wedlock years ago and his biological, paternal grandfather tried to convince the court that the term "grandchild" contained in a trust was ambiguous.

Many small business owners in California have worked for decades to bring their dreams to fruition. As time goes own, thoughts of the future may become more prevalent, especially if a business owner has adult children or other descendants who can continue to build the legacy that he or she has begun. The problem is that it takes a lot more than thought to bring a business succession into action.

Are you one of many California residents who would prefer to talk about almost anything else rather than your own mortality? While it is true that the topic causes a lot of people to wince, it is also true that death is an unavoidable aspect of life. Avoidance of the topic is just one of several key issues that cause people to hesitate when it comes to estate planning.

Like many California parents, you likely have gone through stages in life where it seemed that your children did little more than bicker with each other. Regardless of their current ages, sibling rivalry is nothing new. However, where adult children are concerned when discussing inheritance, there are numerous documents you can sign to help prevent family disputes when the time comes to administer your estate. You can customize the estate planning process to fit your particular family's needs.

The start of a New Year is a time for people to make resolutions for the coming year and start new positive habits. Many in California may decide to do things like get healthy in 2019, get more organized or meet certain career goals. It can also be beneficial for a person to consider his or her estate planning needs, whether that is drafting a plan or adjusting existing plans.

When "The Godfather of Soul," James Brown, died in 2006, he was 73, and he had entertained music fans in California and beyond for decades. A woman at least 30 years younger than Brown says she was legally his wife at the time of his death and, therefore, should be entitled to at least 50 percent of the interests in his music. She has also asserted that Brown merely forgot to update his final will and testament, and that is why she and the son they had together are not mentioned as heirs or beneficiaries in the document.  

Hollywood fans in California and the world over recently mourned the unexpected passing of film superstar, Burt Reynolds. On a recent Monday in another state, Reynolds' final will was filed in court. News regarding the filing included some surprising details about inheritance.

A 79-year-old man built a lasting legacy with more than 100 commercial truck centers throughout 22 states, including California. W. Marvin Rush, II, was the founder of the largest truck chain on the North American continent. When the stock market closed for the day on a recent Friday, shares for Rush Enterprises were worth nearly $74 million. W. M. Rush, III, the decedent's son, as well as his third wife (his son's stepmother) are fighting over the shares, each referencing wills the decedent is said to have signed.

If you're one of many California residents who do not really like to talk about their own mortality, count yourself among a likely majority. However, when it comes to estate planning, not talking about it can lead to problems for your potential heirs and beneficiaries after you die. Several big-ticket Hollywood stars have passed away in recent years without leaving final wills and testaments.

California baby boomers may be among those who remember watching TV news clips about astronaut Buzz Aldrin and his fellow space team members as they landed on the moon. Aldrin is living out his elder years at this time, which have sadly been negatively affected by a contentious battle with his intended heirs, specifically, one of his sons and his daughter. The two adult children say their father is mentally incapacitated and have therefore petitioned the court to appoint them as legal guardians.  

Fans in California and around the world mourned the loss of country music great Glen Campbell following his courageous battle with Alzheimer's disease. A battle of another kind, however, has arisen after his death. Several of his older children have filed a lawsuit, requesting that the court recognize them as rightful heirs to a portion of their father's estate. 

California estate owners and future beneficiaries may want to pay close attention to a particular probate battle as it unfolds in court. The situation involves an adult child of the now-deceased former CEO of Bendix Corporation, William M. Agee, who is fighting her stepmother over her father's estate. The stepmother, Mary Cunningham Agee, claims her husband was no longer in his right mind when he reportedly changed his estate plan weeks before his death to give his daughter power of attorney.

It's understandable that California business owners and others who worked long and hard to get their companies off the ground are concerned about the future -- namely, how to protect the legacies they've worked so hard to build. Many prudent business owners also think ahead, knowing there will come a time when they are deceased or no longer able to head their companies due to mental or physical decline. Executing a solid business succession plan ahead of time and working it into an estate plan may be the best means for protecting assets and ensuring the continuation of a business.

The music and entertainment world in California and around the globe was rocked to its core when several pop superstars suffered untimely deaths. Prince, Michael Jackson and Whitney Houston were central figures in the pop music industry for most of their careers. In addition to remembering them for the international impact they made with their musical talents, many people now mention their names when discussing major estate planning errors to avoid.

There are many family-run businesses in California and throughout the nation. Astute business owners understand the importance of thorough estate planning, especially when it comes to executing business succession plans. This can be a tricky process because many family-run businesses include several adult children who may not agree on or be capable of managing the company in question.

Sometimes, California estate owners die and their estates are administered with no obstacles or problems arising throughout the process. Most often, if this is the case, it's because the estate owners took the time to carefully execute solid plans that included wills, powers of attorney and other key documents that can help prevent stress and avoid confusion down the line when the time comes for their assets to be distributed. Those who die with no final will and testament in place automatically cause their estates to become intestate, meaning their loved ones will have to sit back and wait as the probate court determines how assets (and liabilities) should be dispersed.

If you dislike talking about the fact that you're going to die someday, you are no different than many other California residents and others throughout the nation. Some people avoid discussions about their own mortality as much as possible. This hesitation often leads to procrastination toward or all-out avoidance of the estate planning process.

A woman in another state is the widow of a 9/11 victim. At the time of the terrorist attacks in 2001, she had three young children and recently shared her memories and the many lessons she learned in the aftermath of the national tragedy. A lesson she remembers most has to do with estate planning and, in particular, wills. It applies just as much to California residents as it does to others across the country.

Never underestimate the power of procrastination. Indeed, you needn't look any further than the un-mowed lawn, the incomplete thank-you notes, the unfinished novel and even the lackluster estate planning efforts for evidence of this phenomenon.