Maximizing Your Legacy: Going Beyond the Will for Effective Estate Planning
Estate planning is a topic often associated with drafting wills, but it's much more than that. While a will is a crucial element of any estate plan, it alone won't guarantee that your hard-earned assets go to your heirs as intended. In this blog post, Botti & Morison Estate Planning Attorneys, Ltd. will shed light on why relying solely on a will may leave your legacy vulnerable and why a comprehensive estate plan is essential for ensuring your assets are protected and distributed according to your wishes. Understanding the Limitations of Wills A will is undoubtedly a valuable document that ... Read More
Is a Handwritten Will Valid in California?
A handwritten will is also known as a “holographic” will in California. Under California Probate Code Section 6111, holographic wills are considered valid even if there are no witnesses. The statute also specifies the following information: (a) A will is valid as a holographic will, whether or not witnessed, if the signature and the material provisions are in the handwriting of the testator. (b) If a holographic will does not contain an execution date and: (1) If the omission results in doubt as to whether its provisions or the inconsistent provisions of another will are controlling, the holographic will is invalid to the ... Read More
Essential Estate Planning Documents for College-Bound Students
Sending your child to college is an exciting time filled with new opportunities and challenges. While you're busy helping them pack and preparing for the transition, it's crucial to consider their well-being and future security. As a parent in California, ensuring your college-bound student has the proper estate planning documents in place is a responsible step that can provide both of you with peace of mind. Once your child turns eighteen in California, they become an adult, and your right to make medical and financial decisions as well as gain access to their information terminates. Here is what can be ... Read More
How to Avoid Family Disputes and Litigation Over Your Will
Estate plans are created to ensure family members will be provided for after a loved one passes away. Unfortunately, despite the decedent's best intentions, disputes involving a family inheritance often erupt in many cases and cause division. Family disputes regarding estate planning can be caused by several issues. On the death of a relative, a dispute can arise if one family member is left out of the will while others inherit. Disputes can also arise amongst siblings if a parent passes away and not all children receive equal benefits. You can't guarantee everyone involved will agree on every aspect of ... Read More
What Happens If You Die Without a Will?
This question is frequently asked of many estate planning professionals. The recent pandemic has increased Americans’ awareness of the need to have a will, living trust, or another similar end-of-life document prepared. Yet only about 40% of the US population has put this plan into place. By most estimates, approximately 60% of Americans don't have a will. Question is, what’s holding people back? Death has traditionally been a taboo topic that individuals try to avoid. While the subject may spark a wide range of emotions, it is important to discuss and prepare. A legacy is one of the best gifts ... Read More
Why Millennials Are Writing Wills More Than Ever Before
Over the years, Millennials have brandished headlines for a multitude of reasons—whether it’s claims they are technically savvy or that they have an affinity for avocado toast, the digital generation is very familiar with being in the news. Now, Millennials are in the spotlight again for embracing another cornerstone of adulthood by writing their wills and/or establishing a comprehensive, integrated, customized estate plan. Estate planning professionals and financial advisors have seen a drastic increase in millennial clientele during 2020-2021 thanks to COVID-19 and other economic factors. General Unease Surrounding High Costs and COVID-19 The rise of millennials considering their mortality ... Read More
Testamentary Capacity
Whenever one embarks on the process of creating an estate plan, whether it is in the form of a comprehensive, integrated plan featuring a Living Trust at its core, or a more simple plan utilizing a Last Will, perhaps the most basic foundational assumption is that the person evidencing their intentions with respect to the disposition of the assets they leave behind possesses the requisite mental acuity to act in this regard. Interestingly, however, there is a significant difference in the way the governing law, as set forth in the California Probate Code, defines the level of capacity that the ... Read More
The Use of Ethical Wills
When it comes to passing on your legacy to your children or heirs, there are more things to tackle than your assets, debts, and taxes. An ethical will is an opportunity to impart important life lessons, memories, family values, history, and rituals, just to name a few. To get the desired results of an ethical will, it’s essential to know what it entails and how you go about incorporating one in your estate planning. Definition and History of Ethical Wills The tradition of an ethical will has its roots in Christian and Jewish religions. The practice was documented in religious ... Read More
