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.