QUESTION
Avoiding Probate and Leaving All My Property to My Daughter
Asked on Feb 18th, 2015 on Wills and Probate - California
More details to this question:
I am preparing my will. My daughter is almost 17 years old. I want to add the following in my will: "I leave my entire estate to my child . If does not survive me, I leave my entire estate to . If and both do not survive me, I leave my entire estate to ." I also name my ex wife as Personal Guardian, Property Guardian, Custodian under UTMA and Executor. If I die before my daughter reaches 18, will it go to probate? How about If I die after my daughter reaches 18, will it go to probate? I am hoping that either my ex wife or my daughter receive all my property if I die without going to the probate court.
1 ANSWER
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A will always needs to be administered through a probate. If you want to avoid probate and set up specific instructions for how your daughter will receive everything, you'll want to set up a Living Trust. This is a complicated process and I recommend a lawyer's assistance to make sure it is done correctly.
A Living Trust will allow you to specify when and how she will receive your assets. For example, if you were to die before she turned 18, absent instructions in a Trust, she would receive everything when she turned 18. Most 18 year-olds are unable to handle that. Conversely, you can set up instructions in your Trust that the money will be used for college, etc. and then distributed in increments at ages 25, 30, 35. In other words, you have better control.
Answered on Feb 18th, 2015 at 8:48 AM