A will is an invaluable resource in ensuring that the assets that comprise your estate will go to the individuals and institutions you wish to benefit after your passing. If there is no will, California’s default rules – the laws of intestate succession – will determine what individuals (family members of increasing remoteness) and will inherit your estate and in what proportions they will inherit.
In some instances, it may be preferable to rely on intestate succession, thereby avoiding the cost and delay of probating a will in probate court. For many people, however, a will brings both precision and peace of mind in the distribution of wealth, property, and heirlooms after death. A will is powerful and a flexible estate planning instrument that is capable of even regulating many distributions over a long time in lieu of a one-time bulk sum. The intra-will device that allows for this is what is known as a “testamentary trust.” If you have young children or relatives, a testamentary trust is something well-worth considering as work in consultation with an estate planning attorney to draft your will.
Planning for the Future of Young Children with a Testamentary Trust
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