You need not be very wealthy in order to establish your last will and testament. Throughout your lifetime, you have definitely acquired some assets. No matter how minimal or how massive your accumulated wealth are, you need to allocate these to your loved ones who are necessarily your heirs. Thus, you will need estate planning for the benefit of these heirs. If you need a Los Angeles lawyer for estate planning you should take others’ recommendations.
Your plan on how your surviving heirs will inherit the different assets that you have is very important. If you have not made a will, the state will take charge in the distribution of your estate. As you pass away without a will, the law classifies that you died in-testate. Different states in the United States may have different statutes pertinent to this. Each of the different states may vary in the distribution of the in-testate properties. However diverse these may be, the state laws have their similarities with regards to this issue.
Without a will, your estate will be distributed in a successive order of the dead person’s surviving heirs. How does the succession of a person without a will go? First in the hierarchy of heirs are the children. Then other relatives in the succession of heir include the decedent’s spouse, parents, siblings, grandchildren, nieces and nephews. Although this may not be the rule, this is an eye view on the distribution of estate that has no proper planning.
Some people had questioned the fact that despite the presence of a will, there is a need for probate. Do not construe probate as a negative aspect of the distribution of the estate. The probate has been established in order for the Court to administer righteously and effectively the estate of the deceased, in accordance to the will. This eliminates problems on the part of the executor of the will. There are times when there arises differences and problems among the heir and without probate, the executor will have problems in disputes arising from the different heirs. For the executor or personal representative of the deceased, the probate is a welcome relief – his life saver.
Upon the demise of a person, his assets had to be classified – probate and non-probate assets. If the dead person has executed a will or trust, the appointed personal representative in case of will or the trustee in case of trust will administer the distribution of the assets. This is now the role of a lawyer – the very reason why you should need your attorney is for somebody knowledgeable to lawfully deal with the assets. Hiring a lawyer then becomes very paramount in order to properly collect and distribute the person’s estate upon his death.
The attorney and the personal representative now will work hand in hand to see that the will is followed to the smallest detail and instruction of the deceased person. Taxes relative to this will also be undertaken.
Estate planning process may be controversial if not laid in the proper perspective. Once you are still alive and in the proper mind and reason, you should draw your will. Having a will is not merely for the rich and wealthy. Even with minimal assets, you have to consider having a will. This will facilitate the distribution of your estate in the event of unceremonious death.