One of the reasons that many Californians put an estate plan in place is so that their heirs can avoid probate. Probate is basically the legal process of settling an estate.
If you're in your 20s, you're likely paying off student loan debt, perhaps trying to save up for a better car or even a home and navigating your first job out of college. Likely, the last thing you're thinking about is estate planning. However, you should be.
Many people who are old and/or sick rely on non-family caregivers in the later years of their lives. Not surprisingly, they often want to remember these people in their will.
If you are an estate administrator tasked with the probate of an estate involving a large, expensive art collection, there are certain things that must be done in order to preserve harmony among the beneficiaries.
One of the last things that you might want to deal with when your loved one dies is having to handle a probate issue. Many people these days leave behind estate plans that let other people know their wishes for their property.
Estate plans are something that your loved ones might have in place to make it easy to handle their estate when they pass away. It is possible that some family members might fight against these estate plans, but they must have a good reason to do so.
It's often a wise idea for Californians to set up a living trust when they do their estate planning. This type of trust (also called an "inter vivos" trust) can make matters considerably easier on heirs after you pass away, and prevent them from having to go through probate proceedings, which can be lengthy and costly.
Losing a loved one is a difficult time. You may have to deal with your loved one's estate after the death if he or she had any assets. Many estates have to go through probate. Understanding some basic points about probate can help if you are facing this situation after your loved one passes away.
Every day in California and around the country, people die without a will. Some of these deaths are through accidents and therefore unexpected. Others involve older people who never got around to putting an estate plan in place because they didn't want to contemplate death or just didn't think that they had enough assets to worry about.
Many people don't think of themselves as having an "estate" that they will be leaving to others after their death. However, even if you own don't own a home, have a stock portfolio or have accumulated little in the way of valuables, you likely have at least one bank account. If you don't codify who will get the funds in your account upon your death, it could end up in probate, creating unnecessary costs and inconvenience for your loved ones.