Estate Planning and distribution of assets after death.
TRUE OR FALSE? Only people who are wealthy or advanced in age need an estate plan?
FALSE! Everyone can benefit from an effectively designed estate plan; and making the proper arrangements for the distribution of your assets upon death is what estate planning is all about.
The fact is, all people have an estate plan, whether they realize it or not. If your wishes are not set forth in a legally accepted will or trust, your estate plan is created by default. California has laws that govern the distribution of a personâ€™s estate if they die without a will (i.e. dies intestate) or a trust. So the question becomes not whether you have an estate plan or not, but whether you have an estate plan of your choosing or one that is imposed on you by law.
Most people rely on the most basic estate planning device to accomplish that goal of making provision for distribution of assets after deathâ€¦the â€œlast will and testament."
And a will isnâ€™t a â€œbadâ€ thing. A person can achieve all of their goals of distribution through a will. And sometimes thatâ€™s the best way to go. But there is one huge drawback to the willâ€¦it must go through probate.
Posted on 05/19/2015 at 12:00 AM