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Most people want their property to pass to their surviving spouse or their children if they have no surviving spouse. If you want a different arrangement, you must have in place a will or revocable living trust into which you have already transferred legal title to your assets. The State of California will fill the void for those people who have neglected to put in place some estate planning arrangement to handle disposition of their property upon their death. The plan implemented through intestacy laws, which govern dying without a valid will, is intended to address ordinary situations.
Our recommendation is that every adult should have an updated will and many should have a revocable living trust. The confusion that exists when someone dies without a will simply adds another difficulty to the surviving family members or friends who are left to handle the estate. Certainly, if your plans are to make special gifts to your place of worship, Braille Institute or another charitable institution, or if you plan to use trusts to hold assets for your heirs, it is essential to have a will and/or revocable trust.
The question is not "Do you have an estate plan?" The question really is "Do you want the California Plan for your estate?" Don't let another year go by without a firm resolution to create your own will and estate plan. |
