Living Trust, Estate Planning, Probate

Posted on 12/30/14 No Comments

Living Trust/Estate Planning/Probate

The importance of having a Living Trust, Estate Plan or Will is illustrated here I think really well.  Recently I made the decision to advertise on #knzramfm in #bakersfield.  As I was waiting to meet with my representative I met a lady in the waiting room.  We got to talking and after I mentioned what I did, she began to tell me a story about her situation.  Basically what happened is her husband recently passed away and they didn’t have a will or a #livingtrust.  This was their second marriage for both of them and he had kids from his previous relationship.  Let me just cut to the case, there is a nasty #probate situation brewing as I type.  None of the parties agree and it is going to be expensive and complicated where there is undoubtedly going to be bad blood that will likely not be repairable.  The issue is that the current wife is stating that her husband’s wish was for her to have his share of their community property and what was left of his separate property after his divorce from the first wife.  And his kids are claiming that there are entitled to their father’s property.  Since there was no #will or living trust to detail what exactly his wishes were and since the parties are not agreeable and an agreement is not foreseeable, this matter will end up costing the parties thousands of dollars and is about to enter the court or probate process.  What people do not realize when they are alive is that they are going to pass eventually and it is better to make a simple will or some sort or writing (called a holographic will) to at an absolute minimum spell out or detail who gets what property.  In the vast majority of the cases, there is not battle with family members, so they do not all go tragically wrong, but having something in place helps a great deal.  Having a living trust, if property funded, by and large keeps the matter out of probate court and makes the process for the surviving heirs relatively easy as compared to the alternative.  If you have questions or need help, please contact us at info@wehelpyoulegal.com or visit our website at www.wehelpyoulegal.com or visit our retail locations in #PasoRobles, #Bakersfiled, #ArroyoGrande, #SantaMaria and #SanLuisObispo

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Living Trust/Estate Plan

Living Trust/Estate Plan

probate

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