There are many potential estate planning mistakes that could make it harder for an estate to distribute assets to beneficiaries. One of the biggest errors occurs when an executor of an estate is not up to the challenge of following the terms of a will, or the trustee of a trust doesn't pay attention to detail. By not following the terms of a trust or will or by using poor judgement, legal challenges could be made.
When someone passes away, their assets are generally distributed based on what is in their will or, if they die without a will, according to the state laws of intestacy. However, in many cases there are outstanding debts which can complicate the situation, especially if the individual's estate planning documents do not address the issue.
Having an estate plan in order as soon as possible can reduce the stress of those who are tasked with administering the estate and following a person's final wishes. When documents are properly prepared and organized, it enables beneficiaries to get their inheritance sooner rather than later. If the last wishes of a California resident are not stated or are unclear, it could result in messy legal battles that could cost a lot of money to sort out.
Los Angeles residents with high-value estates may be interested in the latest court filing by the executors of the Lou Reed estate. This filing outlines the value of most of Reed's property, though some high-value assets have been left out.
Increasingly, throughout California and the rest of the country, people over the age of 65 are getting married. This can lead to complications in estate planning particularly for those who have been married before and have children from a previous relationship.