Saving Your Family Time And Money Through Wills, Trusts, and Estate Planning

While none of us can avoid death, we can all put safeguards in place in an attempt to save our loved ones from the feuding that often results when estates are not planned carefully. Often, family fights over estate planning documents become bitter and end up in probate court. Moreover, these fights will often cost the decedent’s family extra time and money.  A recent article discusses ways to protect your family from landing in probate court. If a person dies with a will that is invalid, outdated, or subject to challenge, or dies with no will at all, his or her estate will be administered according to the rules of the state in which he or she died. State law will direct the distribution of the decedent’s assets, and a court will oversee the distribution. This process is called probate, and can often lead to challenges by family members. It is therefore important to have either a valid will, a valid trust, or both. No matter which estate planning tools you use, however, be sure that you have carefully communicated your wishes through these documents. Update these documents periodically as your situation changes. Often as families become more complicated with multiple marriages and half-siblings, wills and trusts become prone to challenge because they fail to provide for contingencies. For expert assistance crafting your will, please contact us at 818.956.9200.