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.
You’re pondering what to leave to whom among your heirs as you set about doing your estate planning. One of those heirs, however, is – to say the least – not good with money.
You just finished college and are embarking on your lifelong career when someone mentions you should seriously consider the role of estate planning for your future. You scratch your head and mumble to yourself: “Why? I’m not even married yet and have no children to take care of.”
Retirement accounts are treated differently than other assets when it comes to estate planning and distribution upon one’s death. Real property, cars, art collections, investments, and other assets normally will have to be probated if the primary owner dies unless that person established a living trust.
Estate planning involves taking a comprehensive look into the present and future to create legal instruments that protect you and your loved ones, not only after you’re gone but while everyone is still here. A last will and testament is probably the one legal document most people have heard of, and it is generally associated with who gets what after you’re gone.
Estate planning was fairly simple in the days when two people got married, had children, and spent their lives together until the end. Each spouse would create an estate planning document leaving everything to the other.
In TV dramas, there are enough scenes that show how family members and friends can challenge the terms of a will if they feel shortchanged or left out. But the question arises: Can someone likewise challenge the terms of a living trust?
California is a community property state, meaning that married couples when divorcing are subject to a 50/50 split of assets and debts. However, the assets and debts must have been acquired by either spouse during the time of marriage.
When a loved one dies, it’s a time of great grief and sorrow, but it also opens a new chapter of responsibility for what happens next.
Estate planning is the process of creating the legal documents necessary to designate how you want your property and assets to be divided among your loved ones when you’re gone. Some estate plans are straightforward, others not.
