Estate planning can sometimes be presented as a headache or painful task, yet the rewards of properly caring for an estate are many. Consider this fact: when you pass, everything you own must be transferred to someone else. Ideally, you will have established a trust which will clearly outline who is to receive what. But what happens if you pass without a trust? Does having a trust make that much difference?
When a person dies without a trust, the estate enters probate. This includes people who only have a will. The dictionary definition of probate is “the legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person's will or the estate of a deceased person without a will. The court appoints either an executor named in the will (or an administrator if there is no will) to administer the process of collecting the assets of the deceased person, paying any liabilities remaining on the person's estate and finally distributing the assets of the estate to beneficiaries named in the will or determined as such by the executor.” Simply put, the court and law of the state determines who receives the contents of the deceased's estate. It is a primary goal of most people in California to simply avoid probate.
A probate court is not under obligation to honor any verbal or written wishes a person may have expressed as to the appropriation of their estate. Even if the deceased had told others they would receive certain items of the state, without a will proving such, the claims are invalid.
Setting up your estate properly can be a special way for you to show love and appreciation to loved ones or friends after you are gone, but if you are not proactive in creating a trust now, your estate will be handled in probate court.
If you would like more information concerning estate planning, including learning how to avoid probate, contact Antelope Valley estate planning law firm Thompson | Von Tungeln (TVT) at (661) 426-2499 or visit their websites at www.EstatePlanningSpecialists.comwww.EstatePlanningSpecialists.com and www.Medi-CalHelp.com.www.EstatePlanningSpecialists.com is a comprehensive online resource for personal wealth management solutions through wills and revocable trusts. www.Medi-CalHelp.com is a comprehensive online resource for long term nursing home care for the middle class. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve clients with the creative, effective and custom solutions they demand.