Drafting a prenuptial agreement can be a wise step to take if you want to add a layer of security to your estate plan. If you’re considering forming a prenuptial agreement in California, call The Elder & Disability Law Firm, APC in Redlands, California.
A will or living trust will designate beneficiaries to your estate once you pass on. A will must go through probate proceedings, which at minimum generally takes months, while a living trust mostly bypasses probate except in cases of challenges. Either way, your loved ones will generally have to wait until you’re gone to gain your assets.
It’s not ideal, but sometimes a person coming to the end of life may want to create a new last will and testament to replace an earlier version or even to create their first will. How does California law cover the concept of a deathbed will?
The primary goal of estate planning is to provide for your loved ones when you’re gone, although there are several other considerations to be weighed. For instance, you may wish to ensure someone can make your financial and healthcare decisions if you before incapacitated. This can be achieved through a financial power of attorney, an advance health care directive, and a living will.
One of the main goals of estate planning is to provide for your loved ones when you’re gone. There are other aspects as well, such as having legal instruments in place should you become incapacitated and unable to manage your financial affairs or perhaps even voice your own medical treatment options.
Since the U.S. Supreme Court decision in Obergefell v. Hodges in 2015, LQBTQ couples enjoy the same rights to marriage as heterosexual couples. These rights also extend to estate planning and providing for your loved ones when you’re gone and also planning for every contingency in life for yourself, whether you’re married or not.
You’ve just inherited some real property and a nice chunk of money from a loved one or friend. While you’re excited, you may be wondering if both the Californian and federal govenments will want their share of your newfound wealth and take out taxes.
Estate planning involves designating beneficiaries for your loved ones when you’re gone. Most people think of this as creating a last will and testament, which is generally the basic building block, but going beyond a will, a trust offers benefits over a simple will. For one, if your assets are in a trust, they will pass to your beneficiaries outside of probate court proceedings. Probate can take months and even more than a year if there are challenges.
When people hear the term “estate planning,” they may shrug it off as something that only people with an abundance of money need to worry about. In practical terms, estate planning is a tool used to plan for what happens to whatever you accumulate throughout a lifetime of working – who gets what in the long run. That’s what a simple last will and testament can do and what a living trust can do even better.
Joint wills may seem like a cost-effective way of passing on assets, first to your surviving spouse or partner, and then to any children you may have. Unlike an individual will, however, a joint will requires both the consent and the signatures of both parties.
