Share

Southern California Estate Planning, Probate, Trust & Litigation Law Blog

Monday, November 2, 2015

What Your Loved Ones Absolutely Need to Know About Your Estate Plan

The conversation about a person’s last wishes can be an awkward one for both the individual who is the topic of conversation and his or her loved ones. The end of someone’s life is not a topic anyone looks forward to discussing. It is, however, an important conversation that must be had so that the family understands  the testator’s final wishes before he or she passes away. If a significant sum is being left to someone or some entity outside of the family, an explanation of this action may go a long way to avoiding a contested will. In a similar vein, if one heir is receiving a larger share of the estate than the others, it is prudent to have this action explained. If funds are being placed in a trust instead of given directly to the heirs, it makes sense for the testator to advise his or her loved ones in advance.

When a loved one dies, people are often in a state of emotional turmoil. Each deals with grief differently and, often, unpredictably. Anger is a common reaction to loss, one of the five stages postulated to apply to everyone dealing with such a tragedy. Simply by talking to loved ones ahead of time, a testator can preempt any anger misdirected at the estate plan and avoid an unnecessary dispute, be it a small family tiff or a prolonged legal battle.

The executor of the estate must be privy to a significant amount of information before a testator passes on. It is helpful for the executor to know that he or she has been chosen for this role  and to have accepted the appointment in advance. The executor should know the location of the original will. Concerns of fraud mean that only the original copy of a will can be entered into probate. The executor should be aware of all bank accounts, assets, and debts in a testator’s name. This will avoid a tedious search for documents after the decedent passes on and will ensure that all assets are included as part of the estate. The executor of an estate should be aware of all memberships, because it will be the executor’s responsibility to cancel them. An up-to-date accounting of all assets and debts will simplify the settlement of the estate for an executor significantly.


Archived Posts

2018
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014


Law Offices of Mary P. Kulvinskas located in Westlake Village, CA serves clients in southern CA including Agoura, Calabasas, Camarillo, Los Angeles, Malibu, Oxnard, Simi Valley, Thousand Oaks, San Fernando Valley, and Ventura.



© 2018 Law Offices of Mary P. Kulvinskas | Disclaimer
2625 Townsgate Road, Suite 330, Westlake Village, CA 91361
| Phone: 805-267-1125

Trust Litigation | Probate Litigation | Estate Planning | Trusts & Estate Planning | Trust Administration | Probate Administration | Estate Tax Planning | Advanced Estate Planning | Family Limited Partnerships | About

Law Firm Website Design by
Amicus Creative