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.
Assisted living is a program for the elderly and the disabled that provides services of a nursing facility but in a more home-like atmosphere. Nursing homes are generally focused on providing medical care, sometimes 24 hours a day, seven days a week.
Those who remarry face new choices in how to approach estate planning. If they had a previous will or trust, it will need to be revoked, rewritten, or amended to account for life’s new realities. If there is no estate planning instrument in place, such as a will or living trust, then it’s time to begin planning for the future, which includes provisions for when you pass away.
According to just about every poll and survey taken, fewer than half of all Americans have created a last will and testament. The range of those who do usually comes in between 30 and 40 percent. When those without a will are asked why, they often say they don’t know how, or they don’t have enough assets to leave to anyone.
Suppose you’ve been named the personal representative in someone’s last will and testament, and the person has just passed away. It is now your responsibility to present the will to the Superior Court where the decedent resided. The court will then oversee probate proceedings to administer the will, and you will be named executor of the estate.
