Legal Question in Wills and Trusts in California
If one spouse has limited time to live and is in process of transferring all assets to name of other spouse, is there still need to write a will?
2 Answers from Attorneys
Transferring assets in anticipation of death, even to one's spouse, can have really ugly unintended consequences, particularly in terms of taxation. Furthermore, there is always the possibility that the spouse who is expected to survive will be killed by a drunk driver or something before the dying spouse passes. Then you have a dying spouse with no assets until the unexpectedly killed spouse's estate is probated and distributed by intestate succession. The messes that can be created by amateur estate planning are massive. DON'T DO IT. 99% of the time a simple trust with an even simpler pour-over will takes care of everything, and if you economic situation is more complicated than that, all the MORE reason you need a proper estate plan. Call a lawyer.