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Some of the simple estate planning concepts are described here. Law of Intestacy (dying without a Will):The laws vary considerably in the various
states and are affected by your state of residence.
If you live in the western United States and you
are married, your estate will more than likely fall under
the ”community property” rules, while most other parts
of the country adhere to a more traditional set of rules. Probate and the "Simple Will"
Many people incorrectly assume that the writing of a will
automatically sets up the proper transfer of assets to
named beneficiaries and the avoidance of probate fees and
expenses for the balance of their estate.
In most cases, nothing could be further from the
truth. The
following vehicles normally bypass probate, with a valid will:
Probate still applies at the death of the survivor joint tenant. For example, it is entirely possible to unintentionally disinherit a child from a prior marriage since joint tenancy will be given legal precedence over terms of a will. It happens frequently, and creates significant problems for the next generation. |
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