No one wants to think about the need for a will, but creating one is very important to do especially if you have children. Whether you are single or married, planning for the future is always a good idea.
Creating your will now is the first step toward providing for your loved ones should the unthinkable happen. This is your opportunity to make your wishes known regarding the division of your assets upon your passing. You can be as specific as you want.
Common types of wills
In the state of California, the most common types of wills are a simple will, a testamentary trust will and a joint will. Here are the basics:
- A simple will is basically like leaving a set of directions for your executor. It contains very simple instructions regarding how finances and assets are to be divided among your loved ones. It also lists your debts and how they should be paid out. The executor is responsible for making sure that your wishes are carried out when the time comes.
- A testamentary trust will takes a simple will a bit further. In addition to leaving instructions for your executor, it also contains directions regarding the creation of a trust fund. This can be used to provide financial support for a beneficiary or minor child who needs help managing money.
- A joint will is usually created by a married couple. The wishes for their estate are spelled out in a single document. When one spouse passes away the surviving spouse inherits the estate. Upon their death, the beneficiaries would then receive the assets that were intended for them.
Creating your first will doesn’t mean that you are forever locked into these decisions. As life changes occur, you can update your plan to reflect them. Experienced legal guidance can help you create the right plan for your needs.