Many California trusts confer a lifetime right to income on a person (often the surviving spouse) with the remainder passing to designated survivors upon the income beneficiary’s death. When the income beneficiary dies, is it too late for the executor of the beneficiary’s estate to request an accounting for the purpose of evaluating whether the … Continue Reading
(Editor’s Note: The Court of Appeal granted rehearing on December 2, 2019 and later depublished the portion of its opinion discussed below such that it is no longer citable authority in California courts.) It is widely understood in California that inherited assets, unlike assets earned from labor, are the separate property of the receiving spouse. … Continue Reading
When a man dies in California, who gets the proceeds of his life insurance policy? The answer seems obvious: the named beneficiaries in the paperwork received and accepted by the life insurance company. But what if the man gave the policy away during his lifetime? Can he cancel the gift and redirect the proceeds to … Continue Reading
