Proper planning using a trust or an estate is the best way to eliminate probate court and other problems that can occur after an individual passes away or is unable to make decisions on their own. If one spouse passes away and the other spouse is still alive, specific procedures must be followed. When one spouse dies, a trust is created without the need for prior preparation. If there isn’t a surviving spouse, an estate may end up in probate court. Visiting a trust and estate planning lawyer in San Francisco, CA, can eliminate immediate or future problems related to someone’s passing.
A trust and estate planning lawyer in San Francisco, CA, will promptly notify creditors upon the death of an individual to prevent future filings for the unpaid debts of the deceased spouse. Important information, such as someone’s social security number, date of birth, or former employer, should be removed from any accounts to prevent identity theft. If there are insufficient assets for estate taxes to be assessed, it’s crucial to file a proper tax return. Failure to take the appropriate legal steps can lead to common identity theft issues.
In many cases, a deceased spouse leaves an IRA for the surviving spouse. If there is no surviving spouse, the IRA will be left to the children, potentially raising tax concerns if the correct elections are not made. Obtaining the proper legal information is essential to limit additional payments for penalties or withdrawals. Protecting assets after someone has passed away is of great importance. A CPA and an attorney can offer sound advice for making the right decisions after the death of a loved one. If you’re concerned about being unable to make decisions on your behalf, having a living will is also important.
Von Rock Law, PC, has been representing clients for many years, developing estates and trusts tailored to their unique situations. They are highly knowledgeable and will help ensure that tax penalties and unfavorable circumstances are minimized.
