Woodland Hills residents likely often hear estate planning experts talk about the importance of setting up a will sooner rather than later. The reason behind this urgency may be to ensure that people avoid putting it off until it is too late. When one dies intestate, he or she opens up the possibility of his or her estate being managed and dispersed against his or her wishes.
Comparing living trusts to wills
When asked which documents are associated with estate planning, most in Woodland Hills would likely say a will. Yet in some cases, some may confuse the legal characteristics of a will with that of a trust. Yet a will and a trust are not the same thing. Where a will is simply a legal document that states how one’s assets are to be distributed upon his or her death, a trust actually provides for the management of assets and property both when the trustor is alive and after his or her death.
No-contest clauses in California
For many of the clients that we work with here at The Law Offices of Alice A. Salvo, being named as a beneficiary brings with it some tension. You may be concerned that if you raise any questions or concerns about a trust or a will, you could potentially be disinherited. The trustee or executor in your case likely wants to follow the provisions set forth in the will or trust instrument to the letter. However, that doesn’t mean to you have no right to challenge them.
Family, friends of Huguette Clark continue to battle over estate
The ultimate goal of estate planning is so that residents of San Fernando Valley can help to avoid causing any tension amongst those that they care about after they are gone. The potential for discord can be high when it comes to one’s estate, particularly if he or she had a high net worth. Yet such potential often only exists when one has not had open communication with those closest to him or her regarding his or her final wishes. When no one knows who is getting what, the likelihood of people fighting to “get theirs” can be high.
