1. If I die without a Will, everything will go to my spouse...

   Not necessarily. If you don't have a Will, your estate is distributed according to the intestacy statute and in some cases, it could be divided between your spouse and your children. This issue is especially relevant if you have children from a previous marriage.
    

2. A Will avoids probate...

   A Will does not avoid probate. A Will simply tells the Court how you want your assets distributed. How can you avoid probate? Joint ownership and beneficiary designations avoid probate. Trusts can also avoid probate. Trusts also can also provide privacy, unlike a Will, which is a public document.
    

3. Creating a trust automatically avoids probate.

   In order for a trust to avoid probate, your assets need to be transferred into the trust. At our office, the funding work is done for you; thus you have a better chance of avoiding probate court. Also, it is important for you to review your estate planning documents periodically so that you know it reflects your current situation and wishes. We usually recommend that you revisit your plan at least every five (5) years.*

* Thanks to USA Today, "5 Myths about wills, and what you should do," by Sandra Block, 10/22/09, for some of the information presented in this article.

1. Have a Will. Since Michael Jackson had a Will, his estate will be distributed according to his wishes. His Will was also drafted using clear and specific language. He specifically referred to his children by name and specifically excluded his ex-wife Debbie Rowe, making his intentions clear.
2. Name guardians for your children. This is a difficult issue for many people, but it is important because if no guardian had been named, the Court would have appointed one. However, Jackson might have done a better job naming Guardians given their ages, his mother being 79 and Diana Ross being 65. Should either of them die while one of his children is a minor, the Court will be involved appointing a new Guardian.
3. Appoint a good team. Name people you trust and who are competent to carry out your wishes to act as your Executors and/or trustees, and whom you trust to handle financial matters.
4. If appropriate, create a trust. A trust can avoid probate and also keeps your affairs out of the courts and therefore, private. A trust can also be helpful if you want to delay the distribution of your assets to your children or if one of your beneficiaries is disabled.
5. Review your estate planning documents. Jackson's will was executed in 2002, over 7 years ago. Because things change, we have a review policy for all our clients and typically recommend that they review their estate planning every five (5) years.