Estate Planning Practice Blog

Organizing Your Collections, Antiques and Other Valuables.

If your estate contains treasured items such as valuable collections, antiques or items of sentimental value, it would be wise to do an inventory of these items for your loved ones.

You will want to photograph, list and describe all treasures in your possession. Note key features about each item including provenance, condition, rarity and etc. Also note the current value and how you think the items will sell best if your loved ones want to sell them. You might have been corresponding with an auction house or know something particular that would be very useful to your loved ones after you pass away.

For very high value items, you might want to consider obtaining a professional appraisal to include with your inventory.

After you've inventoried your collection, put everything in a nice folder or binder and keep in a safe place. I recommend placing this information in a fire-safe box at home. Be sure to tell your loved ones where this information can be found.

Once completed, this inventory has two purposes.  One, your heirs won't make any mistakes selling your treasured collections before realizing its value. And, two, you will have a valid documentation for insurance purposes.

Adapted from The Smart Collector column "Plan beforehand what to do with estate" authored by Danielle Arnet.

Washingtonpost.com has a legal blog by Andrew Cohen.

Washingtonpost.com has jumped in the blogging world pretty quickly considering it is a major metropolitan newspaper. For the paper's online readers, Andrew Cohen will be posting three or four times each weekday (!) on legal matters in his new blog called Bench Conference.

Taking Over as Successor Trustee? Affidavit of Death of Trustee...

If you are named as successor trustee and it is time for you to take over the Living Trust because someone has died, you will want to prepare and record an Affidavit of Death of Trustee.

It's a simple affidavit where you state that the original trustee has died, attach a certified copy of their death certificate and record it in the county where they owned real property.

This will make it easier to handle all real property transactions involving the Living Trust.

To get additional information about this process, please contact an attorney in the area where the loved one has passed away or who prepared the Living Trust.

Even Dear Abby Advises Readers to Make Sure Divorce is Final.

Today's Dear Abby column is about making sure that your divorce is final with an evidence of a filed divorce decree from the courthouse where their divorce was first filed.  Be sure to request a certified copy of this divorce decree as proof that it is over. You'll want this before you remarry or carry on with your life as a newly single person.

Remember, in California, there is a six month waiting period from when you file and serve the divorce papers to when the final decree or judgment can be requested and entered by the court.

DEAR ABBY: After reading the letter from "Married? In Arkansas," who found to her dismay that her husband was still married to his first wife, I thought I should write. It happens more than people would like to think.

I have worked for more than 10 years on a divorce court staff, and I would advise all divorced people -- male and female -- to request a certified copy of their divorce decree. This official document is available from the courthouse in which they were divorced.... click here for more.

Do I Need to Change My Will if I Divorce?

Yes and no.

Unless your Will says otherwise -- that you've provided for a gift for your spouse regardless of your marital status -- your final divorce automatically revokes any provisions naming your former spouse as a beneficiary or appointment as executor, trustee or conservator on your behalf. See California Probate Code Section 6122.

You do need to do actively change the beneficiary designations on your life insurance policies and retirement accounts to name someone other than your former spouse.

Remember, your wishes are the most important thing. If you wish to leave a bequest to your former spouse or name your former spouse as a beneficiary on a life insurance policy -- you can. Just be sure to consult with an attorney to ensure that your wishes are valid despite your divorce.

You might ask... why would I want to name that scumbag to get my money when I die?

Well, for starters, your former spouse may not be a scumbag.

Second, he or she could be the father or mother of your children. If your children are still minors, you may wish that your former spouse receive the proceeds of a life insurance policy so that he or she can continue to raise your children as you hoped.

Third, you could have an entirely different reason.  Keep us wondering...

Some Steps To Take When a Loved One Dies.

If you have lost a loved one recently, you may be overwhelmed with grief during this time. You may want to leave the administrative matters for a later day, but the following steps should be taken care of as soon as possible:

• Contact Social Security Administration if the deceased was an eligible recipient
• Send a notification and death certificate to the director of health services if the deceased was a Medi-Cal recipient) within 90 days after death
• Notify any life insurance companies of the death
• Contact the trustee, the executor and/or the attorney who prepared the deceased's estate plan
• Call the administrator of the deceased's pension plan
• Contact credit card companies to close accounts thereby preventing identity theft and fraudulent charges
• Be sure that any insurance or Medicare claims have been processed before paying any bills

It's Amazing. Others Watch Others Die and Still Won't Do It.

I was just thinking this morning that many of us have watched horror stories unfold before their very own eyes with respect to end of life care for their loved ones. And they know intimately the value of a properly prepared Advance Health Care Directive. Yet, they still do nothing. They sit idly. Time to stop sitting idly and have one prepared for you in accordance to your wishes.

DMV Medical Information Card

The California Department of Motor Vehicles can issue you a medical information card upon your request if you visit a branch in person.

It is an adhesive backed card with fill in the blanks for your blood type, allergies, past or present medical problems, medications and information on how to reach your doctor.

It is a nice companion to your driver's license if you are worried about getting appropriate medical care in the event of an emergency.

Gossip about Irvine Co.'s Chairman.

If you already don't know about Don Bren, the chairman of Irvine Co., then let me fill you in: He's "very, very, very, very, very, very, very rich."

Jeffrey Lalloway, Esq., a divorce attorney in Orange County, California, continues to post the most interesting divorce news on his blog. Read his post on May 4, 2006, titled:

Bren Vs. Bren: Irvine Co. chairman has an LA judge on the run in a case to determine whether he’s super rich, filthy rich or just plain rich

Read about Don Bren. It kind of ties into the newest reality show called The Real Housewives of Orange County. I watch it sometimes with my eyes popping out of my socket.

Give a Copy of Your Advance Health Care Directive to Your Doctor.

You have an executed Advance Health Care Directive. Terrific!

Next question, have you given a copy of this Directive to your doctors?

If not, you have work to do. More specifically, find your Directive, copy it and mail a copy to your doctor for inclusion in your medical file.

You do not want to find yourself in a situation where death is imminent (you are terminal, in a coma or persistent vegetative state) and your loved ones refuse to turn over your Directive to the doctors currently caring for you so they can honor your wishes. If you feel very strongly about your wishes regarding end-of-life, please be sure your doctor has a copy of your Directive.