Basic Definition of a Will

A will can be defined as a legal document where it is stated who is going to receive your estate after you have died. Additionally, it allows you to name a legal representative so as to oversee the distribution of property in accordance with your wishes.

Consequences of Dying Without Having a Will in Place

When an individual dies without having a will, the person's property is distributed according to a specific formula fixed by law. Individual family needs are not taken into consideration and legal costs increase. Without a will, it will go unstated as to whom you want to handle your affairs after you have departed and this in itself can create upset amongst the family.

Determine Who You Want to Manage your Affairs

This is an important decision and you should appoint someone responsible and who you fully trust. It can be a spouse, a relative, a close friend or even a trust company. This person will be responsible for paying any debts of the estate and distribute the remaining estate to the named beneficiaries.

Creating a will on your own is risky and is better done by a legal expert with the proper training and experience so as to create a document that will reflect your specific wishes and protect all those involved.

If you haven't yet created a will, now may be a good time to make this happen.  Life can sometimes be filled with unexpected events and being prepared is a far more responsible and comfortable position to enjoy and will afford you some peace of mind.

To find out more about wills and estate planning, set up a consultation with one of our experienced California estate planning attorneys from Claery & Green

To arrange a consultation, contact the office at 310-362-2273 today.

QTIPs, short for Qualified Terminable Interest Property Trusts, are a way for people to further protect their assets and property in the event of divorce, separation, or death.

These types of marital trusts are created after a prenuptial agreement has already been created. A prenuptial agreement is a very effective way of protecting one's assets and property rights in the event the marriage ends in divorce. QTIPs, however, take the level of protection one step further. These trusts give the person creating the trust control over who they want in charge of overseeing the distribution of assets and property to beneficiaries after their death. Most states automatically award this control to the deceased's spouse. For those people who do not want their spouse in charge of distributing their assets, establishing a QTIP is a good idea. A QTIP can ensure a spouse receives money or inheritances, but does not give them any say in how the deceased's money, assets, and property are divided.

If you are interested in learning more about drafting a qualified terminable interest property trust, or any other trust for that matter, it's important to work with an experienced estate planning attorney who has ample practice drafting these types of trusts. An attorney at Claery & Green can make sure all of your wants, needs, and concerns are taken into consideration, and then create a trust that is customized to your liking. Once the trust has been created, you will have peace of mind knowing that your assets are protected and your beneficiaries will be taken care of in the future.

For more information about the estate planning services offered at the firm, contact Claery & Green today by calling (877) 756-4111.