Author Archives: Skvarna Law

Divorce & Celebrity Estates: Shannen Doherty  

paper family near a broken heart a divorce

According to a stipulated agreement with Iswarienko, Doherty’s estate was able to retain the couple’s home in Malibu, California; a Salvador Dali painting; several cars; and all earnings from her acting. In addition, as part of the divorce proceedings, she had filed an income and expense declaration stating that she had $251,000 in the bank; another $1,880,000 in stocks and bonds; and insurance money from a lawsuit over damage done to her California home. She also stated that she had real property worth $3 million and $134,000 in a pension fund.

Personal Property in an Estate

Concept of real estate auction, legal system and property division after divorce

In cases where more than one family member is interested in the same item, the best-case scenario is that they can reach a peaceful resolution, perhaps involving trading other sought-after items. If there is an impasse, beneficiaries could sell the item in question and divide the proceeds equally. Another option is for one beneficiary to buy out the other beneficiary’s interest in the item. They could also draw straws or flip a coin. The solution may depend on whether the dispute is over a single item, like a ring, or over multiple items, resulting in a breakdown in the peaceful division of items.

Scary Estate Stories: Left Out of Your Parent’s Estate Plan?  

Halloween Ghost Spirit Floating out of Open Book, Reading is Fun, Read Storybook Imagination, Scary Story Graphic estate stories

More than half of millennials say they expect to inherit approximately $350,000 or more from their aging parents. But baby boomers say they plan to leave far less than that to their kids. One survey found that many do not plan to leave behind any money.In another study, just 26 percent of Americans, including 22 percent of baby boomers, said they expect to leave an inheritance 

How to Choose a Conservator for Yourself

Conservator job title on nameplate

You may run into situations in which third parties require the nominated individual to exercise explicit authority. They may need to complete tasks or manage your financial affairs. If this is the case, you will want it done in a way that is not provided through a signed financial POA. In these cases, if you no longer have capacity, your loved ones may need to go before a judge. 

Guardian and Trustee: What’s the Difference?

Judge Gavel And Striking Block Over Law Book With Guardianship Law Text On Wooden Desk

Admittedly, no one makes a suitable substitute for you as a parent. Nevertheless, a guardian steps in when you pass away to assume your parental role and raise your minor child through legal adulthood. Conversely, a trustee manages the financial legacy you leave behind for your minor child. As a parent, you need to consider the skills and characteristics each role requires to ensure that you nominate the right people for the benefit of your child and their inheritance.

Incapacity Planning and Pets

Young European family couple relax during home renovation, focused in laptop computer, plan redecoration, sit near couch with favourite pedigree dog, boxes with personal stuff and floor lamp

Its terms do not apply when the pet owner is alive but incapacitated and can no longer care for the pet. That’s where incapacity planning comes in. Therefore, the pet could be left in legal limbo if the owner is sick, comatose, disabled, or otherwise unable to care for their pet.

Estate Plan Costs

How to contain estate plan costs

Generally, a more complicated estate plan (for example, a plan that includes continuing trusts, tax planning, or asset protection planning) will cost more, as it requires more time to prepare and a more experienced attorney. We caution you, however, from creating an estate plan that is overly simplistic and does not fully align with your goals just to save money on legal fees. A good estate planning attorney can recommend the “just right” estate plan to fit your needs without overcomplicating things and charging unnecessary fees for tools and features you do not need. 

Automatic Inheritance Laws

Automation Software Technology Process System Business concept.

Another issue with relying on state law is that none of the transfers to your loved ones happen automatically. Your family must open a probate estate with the court and go through the process specified in state law before your property can transfer out of your name and into theirs. This process can be long and costly. It is also public. Many people prefer that an inventory of their property and the details of their family stay out of the public eye. Perhaps the best way to keep your matters private is by creating and funding a revocable living trust while you are alive and have the legal capacity to do so.