Do I necessarily need a will and/or revocable trust in the event that I die?

Question

Wouldn't everything just go to my wife? I understand a will just informs the judge of how I want my assets distributed - it doesn't 'side step' the probate process. I also understand the need for a revocable trust, to help lesson taxes and avoid probate (generalizing). I live in Ca. We are having a duaghter soon.

My assets are under 1 million but over 500k. I'd like some non biased feedback before I go to speak with an attorney.

Thanks!

Answer 1

First of all you NEED a "living will". And you need the document that tells who you want to handle your cash, your medical needs if you can't speak, and who you want to take care of you if you're in need.

you mentioned a trust, so I assume you have children. And you didn't say the age of your wife. There are things to think about that say your wife dies first and you die right after her say in an accident or visa versa, then your desires will get messed up if you don't have a will, or if you both don't have wills.

Everyone who has over $65,000 and owns anything MUST have a will. Under that they may or may not want to but they still must determine who their executor or executrix will be. Maybe your spouse will be older and never handled the money or elderly and can't handle the monty. So please, for your own good, contact an attorney ASAP and get all this taken care of. Remember to include your daughter (and you'd be adding children to your will as an Adendum later, or changing it altogether).

Answer 2

you don't, you are dead, but those that have to deal with your estate could benefit.

In most states, if you die without a will or other provision for you holdings, the laws of that state rule, and rarely will be what you would have wanted. (i.e. in SC if you die enteste the spouse receives ONE THIRD of the estate, and the surviving children divide the remaining TWO THIRDS, regardless o f the number of children, here a sole child would 'out receive' the spouse.)

Making a will is not costly at all, worth the cost and the effort in my humble opinion

Answer 3

Having a will just makes it a great deal easier in deciding where and to who things will go. Yes they can be challenged but in many cases it is hard to do that. I a will you can also specify your wishes on who you want to handle your affairs. It just makes it easier for who ever after your gone.

Answer 4

yes of course its VIP Very important Plans''you dont know whats gonna happen next after:what if your loveone marry a new one he might get your Daughters share!hope not''

Answer 5

A will is a good idea. you would be surprised at what can go on after your death.