subject: Succession And Inheritance Issues [print this page] People looking for estate planning have a couple of options open before them. Either they could prepare the plan on their own or leave it to Government to carry out. Essential part of all these is appreciating what the Government offers for them.
Constituting the basic components of effective estate planning are the followings: -
Reduction of taxes.
Reasonable and equitable distribution of assets.
Inheritance and succession plans.
Avoiding probate.
Whether it is Government or the client prepares the planning on their own using the services of some good Estate Planning Attorney , the initial question remains unaltered. Inheritance and determination of succession takes the prime spot in the list of issues to be addressed through the planning process. Considering the marital rights therefore would be vital for deciding such inheritance and succession issues.
People who belong to Northern or Southern California or any part of the state are government by California Community Property Law. Each of spouses under the law of the land would have 50% interest in all properties acquired after marriage and 100% rights and interest in case of the properties acquired before the marriage. Gift, inheritance, rent, profit, and purchase all form the part of such property rights. In the event of unfortunate demise of one of the spouse and in absence of any will or living trust, state would decide the quantum of estate passing to the living spouse. Making things clearer would require obtaining the services of an experienced probate attorney.
Demarcation of interest of spouse is not enough. Consequential questions of the rights of children, grandchildren, or other kith and kin as beneficiaries would also crop up. Determination of inheritance and succession plan constitutes the vital part of the estate planning and can only be handled by an apt Trust Planning Attorney the best way.
by: Peter Gitundu
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