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.
On June 26, 2015, the U.S. Supreme Court ruled in Obergefell v. Hodges that a state’s ban of same sex marriage is unconstitutional, stating in its opinion that the “right to marry is a fundamental right inherent in the liberty of the person, and under the Due Process and Equal Protection Clauses of the Fourteenth Amendment couples of the same-sex may not be deprived of that right and that liberty. The Court now holds that same-sex couples may exercise the fundamental right to marry.” As a result of this decision, the federal government and all states must recognize same-sex marriages and issue marriage licenses to same-sex couples.
When considering your estate planning, you will designate trustees to oversee your assets such as real property, bank accounts, stock accounts, or digital assets. If you have minor children, you will designate guardians over for your children.
When considering your estate planning, don’t forget the nomination of a conservator. Nominating a conservator ahead of time can save time and money in the future. Typically, individuals consider obtaining conservatorships if a family member is diagnosed with dementia or Alzheimer’s and unable to make important health care decisions. In terms of finances, perhaps the family member may be making payments to third parties without understanding the purpose or reason for the payment.
Whether you are an employer, business owner, independent contractor or the average citizen, it is important to know your rights and obligations under your insurance policy before contacting your insurance to avoid potential pitfalls. Most people think if they or their company are involved in an accident, they can call their insurance company (i.e. their “carrier”) and the insurance company will take care of the rest. Unfortunately this type of thinking can lead to your insurance company denying your claim based on how it interprets what you tell them on that initial call. It can also cause your insurance premiums to increase. In some cases, your reporting of the accident may even lead to a lawsuit against you and criminal penalties if it is determined the accident was caused by your negligence.
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?