At What Age Should I Consider Creating a Will?

Most people understand there are benefits to having a will or living trust. It is an unfortunate fact, however, that close to 55% of all American adults are currently living without a will or any type of estate planning in place. This leaves their assets, property and the remainder of their estate subject to distribution under state law. If you want to have a say in how your assets and estate will be distributed to your children and heirs, then you need to create a will. If you don't want your beneficiaries to be left fighting to retain even the smallest portion of the estate you worked so hard to build, you need a will.

If you want to ensure your loved ones are adequately provided for after you are gone, then it is vital you waste no time in creating your will. Establishing a will or living trust does not have to be a time-consuming process. It is an important part of protecting those you love. A will is one of the most important documents all adults should have in place. With some assistance from a Los Angeles trust litigation lawyer, you will be able to make the process of creating your will a relatively painless experience. You may even find that sitting down to discuss and lay out the details of your will can present other issues which should be addressed.

While many people have come to the conclusion that they should wait until they are married or have children before creating a will, it is important that have a will in place throughout your adult life. Yes, there will probably be numerous changes as you get older and you may or may not amass additional property and assets along the way, but having a will in place serves to protect those assets in the event of your untimely death. A will can also help provide for burial and other related expenses so that your family and loved ones are not left struggling to cover the costs. Once your will has been established, it is recommended that you and your lawyer review the your will on a yearly basis.

To help you create your will and assist you with all of your trust and estate planning needs, it is recommended you contact the Law Offices of David A. Shapiro, P.C. 

Does All Property Go Through Probate?

Not all property will go through probate. Assets that are part of a person's "non-probate estate" can be distributed outside the probate process. Life insurance or retirement benefits such as IRA's, Keoghs, and 401(k) accounts transfer automatically to the beneficiaries. Bank accounts that have been named to beneficiaries and are set up as pay-on-death accounts (PODs), or "in trust for" accounts, also pass to the beneficiary without probate. Properties held in a joint tenancy, community property or living trust also pass to the beneficiaries without probate. Other assets may not need to go through probate, either.

In California, if the total value of the probate estate (assets that are subject to the authority of the probate court) is less than $150,000, beneficiaries can claim the assets with a simple sworn statement (affidavit) or use the state's "simplified procedures" for transferring property. The probate estate, on the other hand, consists of all types of property, both real and personal, that make up a person's estate. Tangible and intangible personal property, such as collectibles and stocks are probated in the state where one lives. Real estate property is probated where the property is located. Thus, if a person has real property in California and New York, then there will be two probates.

If you have any further questions about what would and wouldn’t be included in the probate process, please do not hesitate to contact the Law Offices of David A. Shapiro, P.C.