Estate Planning Essentials

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Summary

Its advisable to have a will or living trust if you own significant assets, want to specify asset distribution, have minor children, or wish to avoid probate. Probate may be necessary in California if property isnt jointly owned, lacks transfer-on-death designations, or no living trust is set up. Mineral rights in Oklahoma will be distributed based on your will or trust, or Oklahomas intestacy laws if no will exists. Consult an estate planning attorney for personalized advice.

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Im married and live in California when is it advisable to have a will, living trust
Hello Jack, it's generally advisable to have a will or living trust in place if:
- You own real estate or other significant assets.
- You want to specify who should receive your assets after your death.
- You have minor children and want to designate a guardian for them.
- You wish to avoid probate, a potentially lengthy court process.
why would there be probate if everything go to your spouse
Even if you're married, probate may be necessary in California due to the following:
- If property is not jointly owned or designated to transfer on death
- Community property with right of survivorship isn't established
- No living trust is set up to transfer assets
These situations might require probate.
mineral rights owned in Oklahoma upon my death in California do they go to my spouse or to my children from a prior marriage
The distribution of your mineral rights in Oklahoma upon your death depends on:
- If you have a will or trust specifying who inherits them.
- Oklahoma's intestacy laws if there's no will.
- Different states' laws might apply.
It's essential to consult with an estate planning attorney for clarity.