Thinking about estate planning doesn’t have to be a grim reminder of the inevitability of death. Reframe this idea, and it turns into a way to diminish the stress on family and loved ones at the time of one’s passing — a time likely to send those closest to you into a challenging time of grief. Individuals in California can look at estate planning in this light and possibly have some of their concerns alleviated. By learning more about wills, people may be more at ease when the time comes to plan their own will.
In the event that one dies intestate, or without a will, the process will be presided over by a judge. The judge will choose the administrator of the estate, and the assets will be divided by state law. An intestate status may mean that the division of assets will not be in line with one’s wishes, and that the process can be lengthy and potentially more costly.
A person who wishes to personally instruct how assets will be distributed in the event of his or her death can create a Last Will and Testament. Even with a will, however, the estate will undergo probate in the court. Some individuals have chosen a Revocable Trust as an alternative to a will.
Wills are common legal documents that can help one fulfill their last wishes and protect the assets so that the heirs receive more. In California, many people choose to create a legally binding will that is in line with the current laws of the state. An experienced estate planning attorney can offer assistance when it comes time to plan the document.
Source: tcpalm.com, “ESTATES, WILLS AND TRUSTS: Every day estate planning“, Robert D. Schwartz, Dec. 13, 2017