The Baby Boomer generation has proved to be a force to be reckoned with. Resilient and living longer than the generation before them, it seems that retirement is now a second phase in life and certainly not the last phase. However, with the pro of living longer comes the con of even more planning for the future. More specifically? Estate planning concerns.
Creating a last will and testament is one of the most important steps in proper estate planning. The will plays a critical role in how a person's property and assets are distributed upon death. With a sound will, you have the opportunity to decide precisely how to divvy up your property so that your heirs and even your favorite charities get a fair share. To help you launch your own estate planning endeavors, this blog post will provide basic information about wills and the laws that govern them in California.
The death of music legend Prince on April 21 remains mysterious and baffling in many ways, among these the fact that he left no will. This has caused much confusion over who is responsible for overseeing Prince's estate. It also created uncertainty over his heirs, as several people have stepped forward to make inheritance claims.
There is no doubt that in these modern times California residents are interested in "do-it-yourself" solutions. Legal issues are no exception with many people wondering if they need a lawyer at all when creating an estate plan. While it is true that you can accomplish many of the tasks associated with estate planning on your own, your first question should be, "is it a good idea to do so without legal advice?"
More and more people are choosing to have a committed relationship without getting married. While this is a personal choice that must be respected, it is also one that requires at least a look at the legal ramifications of being unmarried.
In California, it is perfectly legal to have a will written by hand instead of typed up, witnessed and signed. Known as a holographic will, this handwritten document describes how the testator wants his or her estate to be dispersed after death. As long as the holographic will complies with the state's specific legal requirements, California courts will recognize the document as valid. These basic legal requirements include:
Unfortunately, many California residents still do not believe they need a will. Sometimes this is because they do not have much in the way of possessions and other times it may be because they think their family members can work it all out. However, the distribution of any property or assets without a will may depend on factors outside of your family's control.
For many young professionals in Southern California, the last thing on their minds is getting a proper estate plan set-up. There is just too much going on right now. Plus, estate planning is for older people, like your parents and baby-boomers, right?
No one's family, financial or life situation is the same; therefore, no one's estate plan will be the same. For this reason, Orange County estate planning attorneys need to consider all of the unique circumstances faced by their clients when deciding what kind of estate plan is appropriate for them. Here are a few special situations you might want to include in your plan.
So you got out a pen and a piece of paper, and you sat down in your office, planning to start drafting your will. Then, though you had all of the good intentions in the world, you just sat there, unsure where to begin.