A: It is very common and understandable for people to set up their estate plan assuming all the people you want to leave money to are still living at the time of your own death. However, far too many court battles have taken place due to a lack of contingency planning. Although it’s uncomfortable and even morbid to put thought into these possibilities, we cannot emphasize how important it really is, especially in making sure your assets ultimately end up in the hands of your chosen beneficiaries, and not by way of a prolonged, expensive and contentious litigation.
Q: What are “contingent beneficiaries” and do I need to include them in my will or trust?
- Q: Is it ever possible for someone without a trust to own real estate in California and AVOID probate given the high values of real estate?
- Q: If I only want 2 of my 3 children to inherit my home, would it be advisable to use a revocable transfer on death deed?
- Q: What’s the best way to ensure your estate doesn’t gobble up time and money in probate?
- Q: I only want one of my three children to inherit my house when I die. What do I need to do?
- Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?