Legal Question in Wills and Trusts in California

Re: Will

Look, this is something that I am asked all of the time. Here's what will happen if you pass away without a will or a trust.

Whatever you do own, including furniture, etc. will pass intestate (term for no will) to your parents. If they are not alive, then it will go to issue of your parents (your brother and/or sister). There is a process that continues from there as it reaches out further and further until a related heir is located.

The benefit of a will is that you can direct who is to receive what of your possessions. The downside is that a will requires Probate if the gross aggregate value of everything is over $100,000. (This amount does not include any amount due and owing, just the gross amount.)

The benefit to a trust is that it avoids the Probate procedure which can be costly and time consuming.

We offer a package at our firm that also includes medical decisions for end of life situations as well as medical care and treatment. I always recommend this avenue for just about everyone because it allows you to decide your last wishes now. In your situation the cost is very minimal and the assurance and comfort that it can provide is well worth it. Just something for you to consider.

If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com

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Re: Will

If you care about who gets your money and any other property you own when you die, then you need a will. If you care and your gross estate is more than $100,000, you should meet with an estate planning attorney to help you determine whether or not to create a living trust. A living trust avoids the cost, delays and publicity of probate, which is the most common reason California residents prefer a trust. If your estate is small, and your wishes are simple, a form statutory will might be appropriate. The form is available for free on the internet. You must follow the instructions carefully. If I were you, I'd consult with an estate planning lawyer before making your decision. Many estate planning attorneys offer a free initial consultation and may give you a statutory will form to complete on your own.