Nothing Says “I Love You” Like Good Estate Planning
December 18th, 2009 Filed under: ab trust,Executor Fees,sample wills,Trusts attorney — Estate Planning Author
It is a common theme in television comedy shows that someone, usually the husband, refuses to make a will or estate plan because it forces him to confront his own mortality. While this may be funny on television, it can be tragic in real life. Take the case of the late John Denver who died in 1997 without a will to direct how his multi-million dollar estate was to be divided. He left behind three children and two ex-wives to sort out the mess in the court system with a bunch of attorneys.
The death of a loved one is difficult enough without it causing friction among the survivors. Something ugly emerges when there is money or fortune to be distributed. A simple will can ensure that your loved ones get what you intended for them to receive. Without a will, the state will determine who gets what and even who gets whom, if you leave children without a parent and no will to indicate who will raise them. That verbal agreement you have with your best friend, who has the same values as you do, to raise your children if the need arises will be meaningless. Without a will to indicate your choice the court may award you children to your spouses’ wacky sister, should you both perish in a single accident.
A will is the minimum you need for estate planning and protecting your family. Each state has different laws; in California the next step would be to get a Revocable Living Trust. You can maintain control over your assets during your lifetime and select who will manage and distribute the trust after you are gone. You can make changes to the terms of the trust as long as you are competent. A Revocable Living Trust can make the transfer of your assets to your beneficiaries a smoother process. A will must be processed through probate court but many trusts can avoid the court system. Also, probate is public record while a trust can maintain privacy for your family and beneficiaries.
In addition to managing your assets, a competent estate planning attorney can provide the appropriate health care documents needed to assure your wishes are followed should you become incapacitated.
If you have worked hard to support and protect your family, you want to keep them protected in the event of your passing. A one-size-fits-all downloadable will is not the protection they need. If processed incorrectly it could be worse than nothing. Seek the guidance of an attorney that specializes in estate planning. A specialist will keep abreast of the ever changing laws and prepare your will and trust to avoid any legal hassles for your loved ones and beneficiaries. The peace of mind you get from having your estate planning done correctly could delay the need to implement it.
When Bret Telmonti needed a good Santa Clarita estate litigation attorney to handle some family estate matters, he found Julia C. McBride. Bret highly recommends Julia to anyone needing a reputable Los Angeles probate litigation attorney specializing in estate planning, wills, and trusts.
