All California residents need to think about a future in which they are no longer here but their loved ones are. It is a difficult matter to reconcile one’s mortality, but it is something that must be done. With that, a wills a necessary document for estate protection, to avoid inheritance issues and probate issues. There are several pieces of advice that people are well-advised to adhere to when striving to make certain that everything is organized for the future.
There is certain terminology that needs to be understood. The estate includes the assets that are owned and things that are financially based and that which is property like a home. Estate planning is making arrangements prior to death to make certain the wishes are carried out. Wills are documents to list where all the property should go after death. With an estate plan, taxes are always a consideration. A person does not want to leave loved ones with a hefty bill after death. There are methods that can be used to mitigate this.
The will is not just a list. It must have certain elements in it to adhere to the law. They might not be overwhelmingly complicated, but it must be completed according to the established protocol to be valid. Those who are not married frequently believe that they do not need to have a will. This is a mistake. For example, if there is no will, it could take time for a person to pay the bills left behind if they are suddenly responsible for them. Married couples often think joint accounts are the answer when they are not in every case. Some items cannot be owned jointly.
Some people might try to save some money by avoiding having legal help. Of all the mistakes that people make when crafting wills, this is one of the biggest. Since there are so many different factors that will come to the forefront with estate planning, legal help can not only be useful with the proper way to craft the document, but it can avoid pitfalls that people make. Contacting a lawyer who has experience in helping people from different walks of life and in various situations is integral for coherent and well-crafted wills.
Source: Market Watch, “Don’t be scared to write your will: Here’s what you need to know,” Gary Foreman, May 1, 2017