There are several potential problems that may arise when you procrastinate getting a will or trust.
To learn more about the dangers of estate planning procrastination, contact a San Francisco attorney at The Evans Law Firm at 415-441-8669 or 888-50-EVANS or email@example.com to schedule a free initial consultation.
San Francisco Lawyers, Creating Wills and Trusts
Potential problems that could arise when you procrastinate getting a will or trust include:
- Higher estate taxes. The estate might have to pay estate taxes that could have been avoided with an estate plan. As a result, heirs and beneficiaries will receive substantially less from the estate.
- Probate. The estate might wind up in probate, which could have been avoided. The estate may be stuck in probate for a long time, and inheritances will be delayed. Statutory probate fees are expensive, and they could have been avoided with a living trust.
- Intestate succession. When someone dies without a will in California, the laws of intestate succession are used to determine who will receive the assets of the estate. In general, the deceased person’s nearest relatives will inherit the assets. If that person wanted some other person or charity to receive all or part of the estate, those plans cannot be carried out.
- The surviving spouse may not inherit the entire estate. Many people believe that if they die without a will or trust, their spouse will inherit what they owned. This is true for community property, but the surviving spouse will inherit only half or one-third of the separate property of the other spouse in certain circumstances if there is no will.
- Trusts for children. A will or trust can set up a trust to provide funds for the support, education and other expenses for young people. If there is no will or trust, any trust that is set up by the court will probably end at age 18, leaving a young person with a windfall inheritance that may soon be spent. A will or trust can provide a much higher age for distribution of the trust and can also specify the terms of the trust and who the trustee will be.
Learn About the Benefits of Estate Planning From Lawyers Serving Oakland and Other California Communities
Please call 415-441-8669 or contact our San Francisco lawyers online via e-mail to schedule a free initial consultation to discuss creating an estate plan that incorporates the wills and trusts that will best meet your goals. We serve clients in communities throughout the Bay Area and Southern California.