The fact that you're reading this on a computer screen shouldn't escape you. It may even be through email, Facebook or another online subscription service. Your life is tied to the internet but, if you don't plan ahead, those accounts become inaccessible when you pass away.
Over ten days has passed since the death of the legendary singer, Prince. The cause of death will not be released for weeks or even months. Yet one key detail has surfaced: the singer has very likely passed without a will. The keyword "likely" as a will has not yet been found. While there is still a small possibility a will could be discovered, it does not look likely. And if Prince did in fact die without a will, the legal battles are just beginning.
Suppose you actually have an estate plan in place. This already puts you ahead of the game, as you are in the minority amongst most Americans. According to a recently released survey, 51 percent of Americans between the ages of 55 to 64 do not even have a will. However, even if you did get that will or trust in place ten, four or even two years ago, this does not mean estate planning is finished for you. It is very important to maintain and revise your estate plan after certain life events.
Millennials and young professionals are more wealth management savvy than people may think. According to Wealthfront, an investment management group, millennials (roughly all young people born in the 1980s) have control over an estimated $2 billion in liquid assets. While television, film and the media may portray millennials as college grads living in their parent's basements, this is far from the truth for many young professionals.
You may have heard this legal term before of an estate going through "probate." You may have even heard friends or family say this is something you want to avoid. But have you ever wondered exactly what probate means in California? Below is a quick summary of probate, the probate process and what assets can be excluded during the probate process.