Unlike Living Trusts, all Wills must be filed in California. Wills not only identify beneficiaries, but also the assets and property in the estate. It becomes a matter of public record with property and asset values for anyone to see.
If you saw 60 Minutes on CBS Sunday night you had to be astounded by the absolute greed and thievery of life insurance companies. Many of them, mostly all of the large companies, are being sued in a class action for failing to pay death proceeds to deserving beneficiaries. Roughly $7.5 billion have been withheld by these large companies over the years although the companies were aware of the insured's death. All insurance companies have means to accumulate decedents' names, from a death role, which is checked daily through their database. A spokesman for the insurance companies stated that it as the responsibility of the beneficiary to make a claim. If no claim is made, the company basically continues to use the funds gained through premiums and further invest the proceeds and reap further dividend or interest benefits, as its own. It was also indicated that the companies would continue to use cash value in the policies to pay premiums even after knowing of the death of the insured. Unbelievable! If the proper authorities can't identify this within the definition of criminal felony theft, I don't know how it could be further defined.
New California Law: Transfer on Death (TOD) Deed
Why Living Trusts are Failing in California (Part 1)
Living Trust and Estate Planning Hypothets Based on Actual Family Issues
Why Estate Planning With A Living Trust Is Critical For Minor Children
I. Authority for Pet Trusts in California - Probate Code Section 15212
Elder Law Issues
Living Trust Contests in California
Attention all of you Trustees of Living Trusts and children beneficiaries of the Trust- This case is a wake-up call. You know how you might want to punish a step-mother or step-father for becoming a life partner or spouse to your widowed mom or dad. Once the natural parent is out of the picture many times the kids and/or the Trustee exact some type of revenge on the step-parent. Well, you better take a listen to this California case.