858.792.5988

Serving San Diego for over 35 Years

Clients, Colleagues, and Friends,

I retired on Dec. 31, 2019, and officially closed my office, after 42 years of practicing law. I thank you all for your confidence in me and your friendship over the years. My colleague David Dufek who has shared the suite with me for the past two years is taking over my practice and will have all client files. Not only will David be taking over the practice, he remains in the suite and is taking over my fax and phone lines. You are free to leave your files with David or pick them up. David's practice like mine includes will, trusts, and probate, as well as personal injury work. He also does landlord - tenant work and debtor - creditor matters including bankruptcy.

I wish you all the best.

Alex

A Will has no Effect on Most Property

Surprised?  It’s true!  While each and every person age 18 or older should have a Will, there are some things that a Will cannot do.  If you’re like most people, you don’t realize that a Will has absolutely no effect on certain assets.  The assets themselves determine what happens to them when you die; your Will does nothing with these assets.

1.  Jointly held property is also known as “joint tenancy with right of survivorship.”  Immediately upon your death, and automatically by operation of law, the property transfers to the joint owner or owners.  If you Will says that your daughter, Meghan, gets the vacation cabin at your death, but you own it jointly with your brother, Bob, Bob gets the vacation cabin at your death.  Meghan gets nothing.

2.  Property in your Revocable Living Trust is controlled by the Trust not your Will.  Only property in your individual name is ruled by your Will.  If you make provisions in your Trust that Meghan gets the cabin at your death, but have it titled in the name of your Trust and the trust provisions give the cabin to Bob, then Bob gets the cabin.  This is true even if your Will is more recent than the Trust.

3.  Life insurance and retirement accounts are contracts.  After your death, they go to whomever you named on the beneficiary form.  If you named Meghan as the beneficiary, she will receive the insurance proceeds as well as the retirement account.  (If you named your estate, then your Will determines who inherits these proceeds.)

4.  Stocks and bonds held with a beneficiary designation are not dictated by your Will.  At your death, the stocks and bonds will go directly to your designated beneficiary.  To change the beneficiary, you must fill out a change of beneficiary form and submit it to your brokerage company.  Naming a beneficiary in your Will has no effect.

5.  Payable on death (POD) and transfer on death (TOD) accounts are not controlled by your Will.  At your death, the accounts go directly to the named beneficiary.  Contact your bank if you wish to change the beneficiary of the account.  Naming a beneficiary in your Will has no effect.

If you have questions about what property a Will controls, please call our office.  We’d be happy to answer your questions.  858-792-5988.