Probate is the process of sorting through the assets of a deceased individual and passing them on to inheritors and creditors. Probate is supervised by a court. It can be a lengthy, complicated process, and many individuals who are chosen as executors feel overwhelmed by the idea of handling these affairs. If you have been named an executor, contact a lawyer with Bakerink, McCusker & Belden right away to discuss probate and your responsibilities. The first step your attorney will take is to arrange for the court to officially designate you as the executor.

Once you are officially designated as the executor, you have a number of tasks ahead of you. As your lawyer in Tracy with Bakerink, McCusker & Belden can explain to you, you’ll need to file the original will, death certificate, and petition for probate in the court. You’ll need to publish a notice of probate and mail notices to all known creditors, along with the beneficiaries and heirs. Then, the court will require you to file proof that you did indeed fulfill those responsibilities. Your lawyer with Bakerink, McCusker & Belden will walk you through handling other responsibilities, including dealing with taxes, resolving debts, and distributing remaining assets.

It’s all too common to delay creating a will until a serious illness strikes or an individual celebrates a milestone birthday. Many people delay consulting a lawyer regarding estate planning because they expect to lead a long, healthy life. While this is certainly ideal, a catastrophe can strike at any time. It’s advisable for all adults to work with Bakerink, McCusker & Belden a lawyer in Tracy to create a will. By establishing a last will and testament, you can protect your family’s future.

Evaluating Your Assets

Before you sit down with your lawyer to write your will, make a list of all of your assets. This list should include your bank accounts, real estate, retirement funds, life insurance policies, and various investments. It should also include personal assets such as your vehicle, art collections, jewelry, and other items of significant financial or sentimental value.

Designating Beneficiaries

Once you have a complete list of all of your assets, it’s time to decide who your beneficiaries will be . You can designate as few or as many beneficiaries as you wish. You may bequeath your liquid assets to your children, for example, and your real estate to your spouse. You may wish to divvy up family heirlooms among your beneficiaries. Bear in mind, however, that certain assets cannot be distributed with a will. This includes any property that you hold jointly. By law, this property will pass to the surviving owner. For example, if you own a house with your spouse, your spouse will automatically receive full ownership of the house upon your death.

Designating Legal Guardians

It’s widely known that wills are used to bequeath assets; however, many people overlook another important aspect of a will: Designating legal guardians. If you have children under the age of 18, you can use your will to designate a legal guardian upon your death. It’s common to designate a spouse as legal guardian and to designate another family member, such as a sibling, as the secondary guardian in the event that your spouse does not survive.

To protect your assets and your family’s financial future, you may wish to speak with a lawyer with Bakerink, McCusker & Belden who specializes in estate planning. A lawyer in Tracy with Bakerink, McCusker & Belden can help you establish a living trust. A living trust is much more than a document. It’s a funded entity. With the help of your living trust attorney, you will need to transfer your assets to the trust . Since you can serve as the trustee of your own trust, you will maintain full control over your assets.

As you’ll learn by watching this video, you should consider transferring assets such as bank accounts, stocks, bonds, securities, and other investments to the trust. However, for tax reasons, it’s usually best to avoid transferring annuities or IRAs to a living trust.

A lawyer in Tracy with Bakerink, McCusker & Belden who specializes in estate planning can help you create a living trust. A living trust, which is a written document, essentially takes ownership of any assets that you transfer to it. It will be administered according to your wishes during your lifetime. Then, upon your death, its remaining assets will be distributed to the beneficiaries you designate. If you’re wondering whether creating this type of entity may be a wise financial decision for your particular needs, it’s advisable to contact a living trust attorney. Your lawyer can answer any questions you have about living trusts.

Why Should I Have a Living Trust?

Unlike a will, which is important for every adult to have, a living trust isn’t right for everyone. For example, if you’re a young adult, you do not have children, and you wish to leave all of your assets to your spouse in the event of your death, then you do not need a living trust. However, if you do have significant assets and you wish to bypass court supervision for the distribution of your assets, you should talk to a lawyer with Bakerink, McCusker & Belden about setting up this entity. A living trust can offer you multiple benefits. Since it’s created while you’re alive, it will be managed in accordance with your wishes. This remains true even in the event that you become incapacitated. If this occurs, a trustee you select will administer the trust according to your wishes. Upon your death, the trustee will pay any debts and taxes, and distribute the remaining assets to your heirs.

Who Is the Trustee?

It’s common for individuals to serve as the trustees of their own living trusts while they are living and capable of carrying out these fuctions. However, you may wish to select another person to fulfill this function if you prefer not to manage your everyday financial affairs. You could choose a family member or a professional fiduciary to be the trustee.

How Do I Transfer Assets?

Your lawyer with Bakerink, McCusker & Belden will help you transfer assets to the trust . The lawyer will need to prepare and record deeds to your real estate. The law firm of Bakerink, McCusker & Belden will also assist to transfer assets such as bank accounts, bond accounts, and certificates to the trust.

When you’re ready to start thinking about your legacy to your children, it’s time to consult an estate planning lawyer . Your lawyer will draw up the documents for you and answer any questions you may have about estate planning in Tracy. For example, some parents automatically name the eldest child as the sole beneficiary of assets, after the death of a surviving spouse. They may assume that the eldest child will then fairly divide the assets among his or her siblings. However, to avoid confusion and ill will, it’s best to clearly state which child or other relative will receive which asset.

While handling matters of your estate, your lawyer may ask you if there are any stipulations involved with your kids’ inheritance. For example, it is possible to arrange for the inheritance to be distributed in installment payments when your kids reach certain ages. This can help prevent poor financial decision making. Estate planning lawyers often recommend these stipulations when children are known to have substance abuse issues or similar problems.

Each day, personal injury lawyers assist countless people who have been involved in car accidents. If you have been involved in an auto accident, no matter how minor, it’s important to follow a few general guidelines to protect yourself from legal liability. First, you must remain on the scene, even if it’s just a fender bender. Next, call the police and if necessary, call for an ambulance. Your injury lawyer serving Tracy will also advise you to get the name and insurance information of the other driver, in addition to the names of all passengers and witnesses.

Watch this video to learn what else you should do in the event of a car wreck. After calling for emergency responders, for example, it’s a good idea to call a lawyer. An injury lawyer can help you make sure that you have done everything necessary, such as taking photographs of the scene and documenting the circumstances of the crash.

It’s a common misconception that only the wealthy or those with children should participate in estate planning in Tracy . In fact, every adult can benefit from working with an estate planning lawyer, regardless of income or marital status. Estate planning lets your survivors know what your final wishes are. You can designate beneficiaries for your assets by creating a will. You could also work with a lawyer to create a living will, or advance directive, which lets your loved ones know what your medical preferences are in the event that you become incapacitated.

For more information on estate planning, watch this video. This expert explains the basics of estate planning, such as setting up a revocable living trust, designating your beneficiaries for life insurance, and designating who will have power of attorney.

When you consult a personal injury lawyer , he or she will begin building a strong case to help you obtain compensation for your injuries. One of the cornerstones of a successful personal injury lawsuit is proving liability. That is, your lawyer will need to prove that the other party is at fault for your injuries. Many personal injury lawsuits are filed on the basis of negligence, while others are based on strict liability or, less commonly, intentional wrongs.

Proving Negligence

Negligence is a common basis for personal injury lawsuits because many accidents occur when an individual fails to exercise reasonable care. For example, another driver may strike your vehicle if he or she was speeding and could not stop in time to avoid an accident. In this case, your accident attorney will argue that the other driver should be held liable for your injuries and the damage to your car.

Evaluating Strict Liability

Not all personal injury cases arise from car accidents. In fact, countless people are injured each year because of defective products or medical devices. If this applies to you, your injury lawyer serving Tracy can file a lawsuit based on the principle of strict liability. This area of tort law states that manufacturers and designers of products have a duty to ensure that their products are reasonably safe when used as intended. For example, if you undergo surgery and receive a transvaginal mesh implant, and that implant later erodes and causes painful complications, your lawyer could argue that the device was defective and led to your injuries.

Proving Intentional Wrongdoing

Occasionally, an attorney might file a lawsuit on the basis of intentional wrongdoing. You might be eligible to file this type of lawsuit if criminal charges are also pending against the other party. For example, someone may have assaulted you or a store detective may have wrongfully detained you. Although criminal charges may be filed in these circumstances, your lawyer can also file a lawsuit in civil court. The resolution of the criminal charges will have no bearing on the resolution of the civil case.

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Estate planning is a complicated process. Consulting a lawyer regarding estate planning is the best strategy for ensuring that your beneficiaries are well taken care of and that your final wishes are carried out. Your lawyer in Tracy at Bakeirnk, McCusker & Belden can offer guidance regarding minimizing your heirs’ tax burden and ensuring that certain funds support your preferred purpose, among other estate planning strategies.

Consider Creating a Trust

You probably already know that you can be as specific as you wish in your will. You can choose to pass on your collection of vintage bottles to your favorite niece, for example, or to give your nephew your car. However, when you designate assets to beneficiaries in your will , you cannot control how your beneficiaries will choose to spend those assets. If you have particularly young beneficiaries who may not necessarily be given to making sound financial decisions, your lawyer may recommend that you create a trust. You can choose to create a trust with funds that are earmarked specifically for your child’s college expenses, for example. You can designate a trustee to administer these assets after your passing. Your trustee will be legally required to make sure that your assets are only used in the manner in which you intended.

Employ Tax Minimization Strategies

By consulting a lawyer with regard to estate planning, you can develop strategies to minimize the tax burden for your beneficiaries. Estate and income tax can significantly reduce the amount that your heirs will receive after your passing. You can ensure that they are taken care of by designating tax-free funds to your heirs and leaving taxable assets to charities, if you wish. An example of a tax-free account is a Roth retirement account.

Purchase Life Insurance

Another way to reduce your heirs’ income tax and estate tax burden is by purchasing life insurance. Life insurance is not taxable on the state or federal level. This means that your estate would receive the full amount of life insurance. If your lawyer estimates that your beneficiaries might be required to pay $300,000 in taxes, for example, you could purchase a life insurance policy for that full amount to eliminate their tax burden.