Have you been putting off estate planning? If so, you’re not alone. Many Californians struggle to get around to dealing with estate planning.
Although many of these individuals view the process almost like a chore, the fact of the matter is that estate planning is crucial to your family’s financial well-being. Estate planning doesn’t have to be extraordinarily complex, either. In fact, in some instances, a will is enough to appropriately deal with an estate’s assets.
There are a number of reasons why you should consider creating a will. Perhaps the most obvious reason is that it gives you the power to dictate how your assets will be distributed upon your passing. If you pass away without a will, then your assets may pass contrary to your wishes. Also, a will can determine who will care for any minor children in the event of your death, which is no small thing if your family dynamics would cause conflict if your child was suddenly in need of a caretaker.
Those aren’t the only benefits of a will. This legal document can specify who will wind up your estate by paying off bills and cancelling accounts. It can, of course, also allow you to give gifts to individuals and causes that are important to you, as well as disinherit anyone you don’t want to take possession of your assets. By utilizing letters of intent, you can specify why you are taking the actions are you are taking, which can add clarity.
A will can be an enormously powerful document in an estate plan. However, in order to be legally valid and thereby allow you to speed through the probate process, you’ll need to make sure that your will is carefully drafted with attention to detail and an eye on the law. You may want to consider reaching out to an estate planning attorney for assistance with this process.