While studies have shown that less than half of American adults (in general) do not have a will, that does not mean that statistic holds true across all demographics. Indeed, older Americans seem to be more apt to take the advice of estate planning experts to heart. Information shared by Gallup shows that 68 percent of Americans over the age of 65 do indeed have a will. Yet even those that prepare their wills later on in their lives might still have plenty of time to change their attitudes towards the terms they disclosed therein.
Nuncupative wills are those that are spoken orally to another party. This typically occurs when a person is on their death bed and must provide instructions for the transfer of personal property to beneficiaries. In many cases, oral wills are not legally binding. However, they can be recognized by the court in some instances, provided the proper steps are followed.
The inheritance rights of one's natural heirs through California's intestate succession guidelines have been detailed on this blog in the past. A decedent's children are entitled to a portion of their intestate estate if the children survive them. That is, of course, provided that they qualify as one's child under state law.
We recently wrote about some of the ways in which closing or launching a business can affect one's estate plan, but there are many other reasons why it may be necessary to go over your estate plan. For example, if you are in the middle of a divorce or you recently parted ways with your spouse, you may need to make key revisions to your will. There are a number of reasons why these revisions are so important and you may need to make multiple changes in the wake of a divorce.
Experts counsel people both in San Jose and throughout the rest of the U.S. to see to their estate planning early on in their adult lives. Yet even so, many American adults do not have a will. What happens, then, if you have a family member dies without ever preparing one? In such a case, their estate becomes subject to intestate succession. "Intestate" is the word applied to cases where one dies without a will, and the terms regarding how their estate will be dispersed are set forth by the state.