Torrance California Estate Planning Law Blog

It is often the case that California residents put off making their estate plans because they think the process will be too difficult and they worry about making mistakes. However, it is more often the situation that a person's estate will suffer from delays, costly issues, and other detriments if they do not have an estate plan. One of the legal documents that some may choose to include in their estate plan is a living trust. These testamentary tools offer many benefits.

A living trust is a tool that allows a person to place their property into trust for a beneficiary. The trust will be under the management of a trustee. If the trust is revocable it can be changed, but if it is irrevocable it may not be modified. A living trust that survives until a person's death may not be probated, which can save beneficiaries time and money when it comes to receiving their bequests.

California residents who grew up in the 1980s and 1990s may be familiar with the original television series, "Beverly Hills, 90210." The show followed the lives of several privileged teenagers growing up in the wealthy Southern California community identified in its title. One of its breakout stars, Luke Perry, played a rebellious youth who was a fan favorite season after season.

Perry, however, took a step back from the spotlight of Hollywood and became a husband and father. Though his marriage ended he took an active role in raising his children while balancing a continuing career in the entertainment industry. At the age of 52 he was back on a popular television program and entertaining audiences as he had done in his youth.

An estate plan is more than the collection of documents that a person executes in order to provide guidance on what they want to happen with their possessions after they die. It is a set of procedural expectations that direct certain individuals to perform certain tasks so that the decedent's wealth and assets are effectively used according to their wishes. To this end, a Californian should put as much effort into deciding who will administer their estate as they do into who will get their property when they are gone.

Estate administration involves the identification and collection of a decedent's property. Once that collection is complete, it transitions into the process of accounting for it and managing it through different legal processes. Once a decedent's estate is in order it may be distributed to the decedent's beneficiaries and the administration of the estate may cease.

An estate plan is a set of legal documents that explains how a California resident wants their assets and wealth distributed after they have passed away. Common estate planning tools may include but are not limited to wills, trusts and powers of attorney. While practically anyone can benefit from the execution of a personal estate plan, everyone should be aware of how their assets will be managed if they pass away without one.

The laws of intestacy are in place to address just such situations. They may differ from state to state, but generally these laws allow closely related family members to benefit from a decedent's estate before more distantly related heirs. This post will focus on how California's intestacy laws handle decedents who have no estate plans.