If you're married in California, and you plan for your family to receive all of your assets when you're gone, you might consider skipping the process of drafting the will. However, this would be a mistake. No matter how rich or poor you think you are, a will can be extremely beneficial to your family.
Business owners who want to leave the family business to their children can create a business succession plan to achieve this. A business succession plan can be organized in many different ways. For example, it might not go into effect until after you die. Or, you might sell your business to your child or children, so you can enjoy your golden years without needing to be concerned about the health of your business.
Marriage is about love, and it's certainly beautiful any time two people and their respective families come together through matrimony. However, it's also important to remember that getting married is a legal contract. If you're going into your second marriage, there are a few things that you should think about before finalizing this contract.
For many parents, a child’s high school graduation is a mixed blessing. One is able to see one’s child take the first steps into adulthood – and the first irrevocable steps away from the family home. The instincts to protect (and, maybe, to coddle) remain strong, even as one knows it’s best to allow children to assert their independence.
Women involved in estate planning with their husbands and extended family members may find themselves with a unique view in the process. While a man might make more money in his lifetime than his wife, she will likely outlive him. And, while the husband might earn the larger portion of household income, his wife is more likely to decide how to spend it on a day-to-day basis. How does it all turn out when it is time to pass on assets?