Whenever there are any assets to divide after a person passes away, there is the great possibility for tensions and squabbling among beneficiaries. If you worry that your loved ones may fight over an inheritance, there are some concrete steps you can take to combat this possibility.
If you've been following the national news much at all for the last year, then you know that President Trump has made it very clear that he wants to repeal the federal estate tax. While this may seem like a welcome break for many of California's residents, it may be too soon to rejoice. Recently, state legislators have introduced bills that would effectively replace the repealed federal estate tax with a California-specific estate tax.
Naming an executor to your estate is large responsibility for both you and the individual you choose. This person will have to step in when the time comes to ensure that your wishes are fulfilled, while also negotiating a number of complex legal issues that might arise. because of the seriousness of the position, one must not name an executor hastily. While it is generally possible to choose anyone you want as your executor, there are some restrictions.
Considering how many people die with no will at all, it may seem silly to have to update your once you create it. After all, aren't you already ahead of the game by having a will in the first place? Well, yes — but that is sort of like claiming that you already changed the oil in your car, why would you need to change it again? While one should certainly change the oil in a vehicle far more often than change or update a will, the principle remains the same. There are a number of life changes that make a will change necessary and ultimately protect the ones you love.
At one point or another, you may have found yourself in the position of having to settle the estate of a loved one. Doing so may have made you acutely aware of the difficulties of handling a decedent's estate without a proper will in place.