Blog Posts in August, 2014

Estate Planning Musts for College Students

Estate planning is often thought of as something you don't need to worry about until you have a spouse and children of your own, but a durable power of attorney and a health care proxy are essential estate planning documents for students going off to college this fall. Legally, your child is an adult once he or she blows out eighteen candles on a birthday cake. This means that you have no ...

New Study Shows Women with More Education Than Their Husbands No Longer Face a Higher Divorce Risk

Traditionally, marriages in which the woman had a higher level of education than her husband were thought to be more prone to divorce. However, a new study titled "The Reversal of the Gender Gap in Education and Trends in Marital Dissolution" has found that this is no longer the case. The study, which appears in the August issue of the American Sociological Review , looked at heterosexual U.S. ...

Buying a Home as an Unmarried Couple? Here's What to Consider

Traditionally, the path to adulthood followed a very linear progression. Couples dated, married, purchased a home, and then had children. Today, however, Pasadena family attorneys are learning that it’s becoming much more common for people to find that they’re ready to purchase a home together before they’re ready to walk down the aisle. In most cases, experts recommend that you do not put one ...

How to Share Your Estate Plan with Your Family

Pasadena family law attorneys stress that communication is essential in the estate planning process . Your heirs should be aware of: The terms of your will The rules of your family trust, if applicable A listing of financial assets, including key contact people Power of attorney for healthcare (the ability to make decisions on your behalf if you are unable to do so) Power of attorney for business ...

Estate Planning Brings Peace for Robin Williams' Heirs

The tragic death of comedian Robin Williams has received widespread media attention, but it appears that his heirs will have the consolation of knowing that he set up a solid estate plan to ensure that his affairs were in order before his passing. Preliminary reports indicate that Williams used at least one revocable trust for his estate planning. A revocable trust is an estate planning document ...

Pro Athletes' Expensive Divorce Settlements Illustrate the Importance of a Prenup

When professional athletes divorce, it often ends up being a costly affair. For example, Michael Jordan had to pay ex-wife Juanita $168 million in a 2006 divorce settlement, which set a record for the largest celebrity divorce settlement in history at the time. Jordan was married during his second season with the Bulls and he and his ex had three children in their seventeen years together. ...

Probate and Why Sometimes It's Necessary Even with an Estate Plan

Probate is a legal process that sometimes takes place after a person dies. It involves proving that the deceased had a valid will, inventorying the property that will be distributed, paying any outstanding debts or taxes, and then distributing the remaining property as the will directs. If there is no will, the property is distributed according to state law. Probate involves court appearances as ...

Should You Serve as Executor of an Estate?

After a loved one has passed away, discovering that you’ve been named executor of his or her estate can bring about mixed emotions. Some people feel honored and think that the process of settling a loved one’s affairs can be therapeutic, but others worry whether they're up to the challenge. The amount of time required to serve as executor of an estate depends on several variables. If the person ...