Beneficiaries do not have to be named in a will to receive assets from an estate. A life insurance policy is an example. The proceeds from the policy go to the assigned beneficiary, whether or not that person is also named in a Los Angeles will, trust or other estate planning document.
You don't have to be a television, movie or music legend in Los Angeles to want control over inheritances you leave for heirs. If you think your estate plan is fine without a trust, you might be right. Then again, you might be missing something.
A Los Angeles parent with adult children is incapacitated by severe illness. The children are uncertain whether estate planning documents exist, including powers of attorney that permit someone to manage the parent's finances or health care decisions. The children don't know whether the parent has made a will or where to begin looking for one.
Los Angeles estate planning attorneys just got very busy. In one fell swoop, the U.S. Supreme Court threw out the Defense of Marriage Act and shot down Proposition 8 in California. Gay couples who reside in the state now can marry and gain federal financial benefits that were once denied to them.
What excuses do people in Los Angeles use to avoid making an estate plan? The same excuses people across the U.S. employ. If your internal argument includes "I'm too young to think about death" or "I'm not wealthy enough to make a will," then it's likely you may die intestate.
The California estate of Hugette Clark remains unresolved two years after the 104-year-old woman's death. Multiple parties, including relatives of the last descendent of a $300 million copper mining fortune never knew, are disputing two wills Clark left behind.
The youngest members of the baby boom generation are celebrating the last year of their 40s. First-born boomers entered retirement age two years ago; they turn 67 this year. The massive generation adds to the 65 and older population at the rate of 10,000 people per day, providing estate planning attorneys with a vast potential client list.
The content of an estate plan is a compilation of wishes and how to make them come true. Los Angeles estate planning attorneys act as translators and communicators so individual desires are carried forward legally, properly and completely.
The short answer is "Yes," although the emotional response is usually "Why would you do that?" Los Angeles attorneys know that no two estate plans or plan creators are exactly alike. Individual personalities, family disputes and relationship dynamics color the content of wills, trusts and other estate documents.