In the days and weeks following the death of a loved one, family and friends often come together in unity as a way to honor and remember the recently passed. While these moments can help build solidarity, they can quickly be forgotten when the deceased's wishes are revealed in his or her estate plan.
Thanks to the Baby Boomers, the number of people age 65 and older is steadily increasing. In fact, by 2030, these individuals are expected to make up nearly 20% of the population, which is more than a 50% increase compared to those in that age bracket back in 2000. This means that many more estates will be changing hands in the years to come, with many of these older individuals' family members winding up with newfound wealth.
It can be easy to think that an individual who has created an estate plan has initiated a foolproof way to have his or her assets distributed in accordance with his or her wishes.
Many Torrance area residents have taken the time to create a trust for their estate. A trust is a way to transfer assets to another person and many use it to avoid probate. But sometimes there are problems that arise with a trust among the beneficiaries.
Many Torrance residents do the right thing and work to create a robust estate plan, including a will, to manage the distribution of their assets after death. While this is a crucial process to complete, it is not necessarily a guarantee against will contests and similar legal challenges. Let's look at some of the more common reasons to challenge a will, with the understanding that the information is general in nature only and not intended as specific legal advice.