Estate Planning in Decline: New Data Shows a Concerning Trend
According to Caring.com’s 2025 Wills Survey, the number of Americans with a Will continues to decline. In 2025, only 24% of adults reported having a Will—down from 33% in 2022. Even more concerning is the fact that Americans with children under 18 make up the largest group without any estate planning documents in place. Despite this decline, those who do have a will are increasingly proactive, with most updates made in the last five years. Many cite life events like family expansion or a change in assets as reasons for revisiting their estate plan. Additionally, the long shadow of the COVID-19 ... Read More
Estate Planning and Divorce
Divorce can be one of the most stressful and emotional situations an individual can go through. Unfortunately, divorce is common in the United States. In fact, according to the Centers for Disease Control and Prevention (CDC), the divorce rate is 2.3 per 1,000 total population. If you are facing a divorce in the state of California, you may find yourself overwhelmed with questions about the process and worried about what will happen. You may also have many tasks to take care of. While decisions addressing your ex-spouse and family members are the priority, it’s imperative to add one more task ... Read More
Estate Planning: Single, Married, or in a Domestic Partnership — What to Consider
Many people believe that estate planning is only for people who are married or have children. However, that is a harmful myth. Whether you have never been married, are divorced, are currently married or in a domestic partnership, planning is vitally important to ensure that your wishes are carried out. If you’re single and pass away without determining your heirs, the court will inevitably make that decision. That’s why it’s imperative for everyone to make a will or living trust that states who should receive their assets. According to a 2023 Wills and Estate Planning Study by Caring.com, only 26% ... Read More
The $84 Trillion Question: Will Your Wealth Transfer Smoothly?
Over the next two decades, we are set to witness the most significant transfer of wealth in history. Baby boomers—those born before 1964—currently control an estimated $190 trillion in assets, with $84 trillion projected to pass to their heirs, according to Cerulli Associates. This historic shift will impact families, businesses, and financial markets in profound ways. The question is: Are you prepared to receive or pass down this wealth in the most efficient and protected manner? What’s Being Inherited? Much of this wealth is tied up in: Investment Accounts: Baby boomers have benefited from decades of strong market growth, with ... Read More
Understanding the Due on Sale Clause in California Estate Planning
Real estate often plays a central role when creating an estate plan in California. Given the state’s high property values and unique legal landscape, ensuring a smooth transfer of property to your heirs is critical. One often overlooked issue in estate planning is the Due on Sale Clause in mortgage agreements. Understanding how this clause applies—and how to navigate it within the context of California’s laws—can protect your estate and your loved ones. What is the Due on Sale Clause? The Due on Sale Clause is a standard provision in mortgage agreements that allows the lender to demand full repayment ... Read More
The Importance of a Digital Estate Plan
In today's digital age, our online presence is as significant as our physical assets. From email accounts to social media profiles, cryptocurrency to online banking, and even digital photo collections, we live much of our lives online. Yet, many estate plans overlook these digital assets, leaving loved ones with uncertainty and legal hurdles. Additionally, California's tech-savvy population often accumulates significant digital assets, making a Digital Estate Plan even more crucial for residents. A Digital Estate Plan is essential to a comprehensive estate plan. It ensures that your digital life is properly managed and passed on according to your wishes. What ... Read More
Choosing Your Successor Trustee: The Pros and Cons of Naming Co-Trustees
When discussing estate planning with clients, one question almost always arises: Can I designate more than one person as my successor trustee? It’s a great question and one that deserves thoughtful consideration. Beyond deciding who should inherit your assets, choosing your successor trustee (or “executor” if we’re talking about a will) is one of the most significant decisions you’ll make when creating an estate plan. Ideally, this selection includes your primary choice and at least one alternate designee. In most cases, the creators of a trust (trustors) often choose their children as successor trustees. It’s common for parents to worry ... Read More
Is Your Estate Plan Up To Date?
Estate planning is a critical step in protecting your family and ensuring your wishes are carried out, but it’s not a one-and-done process. Life is constantly changing, and those changes often have a significant impact on your estate plan. That’s why periodic reviews are essential. Why Updating Your Estate Plan Matters Over time, various factors can make parts of your estate plan outdated or ineffective. These might include: Family Changes: Marriages, divorces, births, and deaths all affect the distribution of your assets and who you may want to name as guardians, trustees, or beneficiaries. Financial Changes: Significant increases or decreases ... Read More
When is the Right Time to Talk to Your Kids About Your Estate Plan
Conversations about estate planning, particularly wills, can be emotionally charged. Yet, having open, honest discussions with your children about your plans is one of the most meaningful gifts you can give them. It ensures your wishes are understood, prevents misunderstandings, and reduces potential family conflicts down the road. At Botti & Morison, we take a team approach to estate planning. We aim to help families navigate these discussions with clarity, compassion, and confidence. Here are some tips to guide you as you talk to your kids about your Estate Plan: Choose the Right Time and Place Timing is everything. Select ... Read More
A Forgotten Form Costs $1 Million: Lessons in Estate Planning
When it comes to estate planning, the devil truly is in the details. A recent case involving a $1 million retirement account underscores the importance of keeping your estate plans current. The cautionary tale involves a man who, despite breaking up with his ex-partner in 1989, discovered decades later that she was still set to inherit his sizable retirement savings due to an overlooked beneficiary form. The Importance of Updating Beneficiary Forms One of the most common yet crucial mistakes in estate planning is failing to update beneficiary designations on retirement accounts, insurance policies, and other financial instruments. In this ... Read More
Digital Assets and Estate Planning
When people establish their estate plan, they often think about their physical assets. However, there’s no doubt we do more and more online each day. Therefore, it’s equally important to consider digital assets. With the emergence of new technology, there are more opportunities being created for people to possess digital assets. If not properly planned for, you or your loved ones may have no control over your digital assets after you pass away. What is a Digital Asset in Estate Planning? California Probate Code §871(h) defines digital assets as electronic records in which an individual has a right or interest. ... Read More
Why Parents Should Consider an Estate Plan for Their “Adult” Children
In most states, when your child turns 18, it might be hard to imagine that little child who once needed you for everything has now become – overnight – an adult. Now your child is free to vote, marry, apply for a credit card, make medical and financial decisions, sign contracts, and live independently. No wonder the law calls this coming-of-age “emancipation.” But if your adult child is hurt in an accident and needs somebody to make critical medical decisions, you cannot be the one to do that without your child having named you as an agent under an Advance ... Read More
