Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, people think they’ll have a warning before death and they’ll be able to plan once they get the warning. They think of life almost like a traffic signal. They think they are born with a green light. When they get old or get a serious illness it turns yellow. When death is imminent, the light turns red and they die. They think they’ll plan once the light turns … [Read more...] about Planning for the Unexpected
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Some people plan their estates carefully. Some people don’t have an estate plan at all. That’s called dying intestate. In that situation, the state in which they live at their death has a default plan for them which determines who gets their assets. The state’s plan might suit them, or it might not suit them at all. For example, Fred was unmarried and had a … [Read more...] about Make Your Own Plan
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Sometimes people seem to think that if they don’t plan for death, it just won’t happen. In fact, 58% of American adults have no will, no trust, and no estate plan at all, according to a recent study by Caring.com. Unfortunately, whether you plan for it or not, death is inevitable. If you have no plan, your state of residence has a plan for you, it’s called … [Read more...] about Planning is Critical
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Aretha Franklin was known as the “Queen of Soul.” She was a singer, songwriter, civil rights activist, and so much more. Aretha was a great recording artist, with a career spanning many decades. She received honorary degrees from many prestigious universities, like NYU, Princeton, and Yale. She received the Presidential Medal of Freedom in 2005. In fact, we all owe … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Often, people think estate planning is just for those who are elderly. While the elderly certainly need estate planning, estate planning is for anyone who cares what happens to them, their stuff, or their family. For someone who is young and healthy, estate planning may be the furthest thing from your mind. You may be thinking about how to enjoy autumn by playing … [Read more...] about Estate Planning is for You, Not Just Your Parents or Grandparents
If you are single, you should not assume that estate planning is not relevant to you because of your marital status. Indeed, estate planning is important for all responsible adults, regardless of your age or marital status. Some negative consequences can come about if you pass away as a single person without an estate plan in place. Let's look at some of them. Laws of Intestate Succession If you die without an estate plan as a single person, your property would be distributed along intestate … [Read more...] about Campbell CA Estate Planning FAQ: What If I’m Single When I Pass Away?
Estate planning is important for all responsible adults, and everyone should have a last will in place at a minimum. If you do not execute any estate planning documents you will die intestate, and the outcome of this is not consistent with most people's wishes. When you die without a last will or a trust in California directing the transfer of your assets, the condition of intestacy results. Under circumstances where you pass away without having a will or trust and no living relatives, the … [Read more...] about What Happens to My Property If I Die Without a Will or Trust in California?
When you go through life without a will or some other legal device that arranges for asset transfers, you are surrendering control of where your resources will land after you pass away. There are certain rules that the state must follow, but under some circumstances the state can actually absorb the assets left behind by a resident. The first order of business would be to find out if the deceased had relatives, and in most instances people will step forward. There are intestacy rules of … [Read more...] about Multimillionaire Died Without Will
What would happen to your resources if you were to pass away without executing a last Will or a trust? The answer is that the situation would wind up being sorted out by the probate court. Ultimately, the assets that you leave behind would be distributed to your closest relative or relatives in accordance with intestacy laws of succession in the state of California. This is something that you want to steer clear of because the probate process will take a lot of time to run its course. In … [Read more...] about Prevent Intestacy Through Proper Advance Planning