Heirs Can Be Spared with a Crucial Bit of Planning
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When Mable Jean Roach penned her last will and testament, she was somewhat vague about who should get her $1.5 million estate. Today, more than 19 months after the Herald woman’s death, the file in the Sacramento County Courthouse is nearly 4 inches thick and growing. And lawyers representing competing heirs have accrued tens of thousands of dollars in fees and costs. Sad case? Perhaps. Unusual case? Hardly. The estate of 62-year-old Roach is a classic example of how most Americans plan for their heirs. That is, they plan incorrectly. Or they don’t plan at all. A vast majority of American adults — an estimated 80 percent — have no will or living trust. (A living trust can be used to avoid probate and eliminate expenses associated with it.) And while many intend to plan for heirs, most don’t ever get around to it. Others — such as Roach — handwrite their own wills without legal help. These documents can raise more questions than they answer, setting in motion a chain of litigation that consumes years as well as precious assets from the estate. The minority of individuals who do seek help in creating wills or living trusts can save loved ones considerable angst. “I think it’s a Source : accessmylibrary.com |