Please note: The material in these articles, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the posts. The articles should not be considered, nor are they intended to constitute, legal advice. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500.
Trusts are funded with real property and personal property such as bank or stock accounts. A Will may be in place which provides for a “pour-over” effect leaving the residue of the estate to the provisions of the Trust. But, as time goes on, you may increase your assets and create new stock or bank accounts. What happens if the Trustors are deceased and certain personal property like bank or stock accounts are left out of the Trust?
California Labor Code Section 2802 requires that employers “indemnify his or her employee for all necessary expenditures or losses incurred by the employee in direct consequence of the discharge of his or her duties, or of his or her obedience to the directions of the employer…” In English: an employer is required under California Law to reimburse employees for all out-of-pocket expenses incurred during the performance of their job (which includes more than just cell phones!). The purpose of this section is to prevent employers from passing their operating expenses onto their employees.
For many, having children is a driving factor in starting estate planning. However, you should never wait until you have children to do so.
At any given time, you should have a Power of Attorney in which you appoint an agent to make medical or property related decisions in the event you are incapacitated or unable to make such decisions. In addition, your health directive can indicate burial instructions, your wishes to be an organ donor, and other end of life decisions. These are decisions that you can make so that your loved ones are aware of your wishes and are not left having to make difficult choices.
When thinking about your estate planning, the first thing that may come to mind are your real property, personal property, savings and checking accounts, and/or stocks. But what about your digital assets?
In California, if the decedent’s assets are worth no more than $150,000, beneficiaries of a Will or the heirs of a decedent may be able to gain title to the assets through a Small Estate Administration. This process is an easier alternative to probate but has restrictions.