When creating a will, you can't finalize the process until you've selected an executor. While you could make just any decision and hope it works out, this is a big risk that could put your estate at risk and your loved ones in an awkward position after your death
Determining how to leave one's assets after death can be difficult. There may be a number of emotions that come into play pertaining to one's own mortality and relationships with loved ones. As a result, some may find it difficult to find the best path forward. Fortunately, the estate planning process can be molded to fit everyone's needs. This week, let's take a look at the types of wills that may come into play during the estate planning process.
It seems like nearly every aspect of our lives is becoming digitized. Estate planning may be no different. In fact, some states are even making it legal to create electronic wills. Although it may sound like this process is convenient, it can actually present significant problems.
Have you been putting off estate planning? If so, you're not alone. Many Californians struggle to get around to dealing with estate planning.
A will can be an integral part of your estate plan. It typically dictates how assets are to be divided, which sometimes includes pouring assets over into a trust. Poorly drafted wills can present a number of legal problems, including the risk that the document will be deemed legally invalid. Additionally, a bad will can lead to family infighting that the testator probably wanted to avoid. This is why it is usually best for Californians to work with an attorney who can help them ensure that their wills are clear and enforceable.
Oftentimes, a will serves as the foundation of an estate plan. When a will is improperly drafted, an individual's estate may be in jeopardy. This is because a poorly created will can lead to ambiguity, challenges, a lengthy probate process and even an undesired distribution of assets. Therefore, Californians need to be diligent in their efforts to create their wills and update them regularly. Skilled legal professionals may be able to advise as to how best to utilize these estate planning tools.
Most people who think of estate planning only consider the transfer of tangible property upon death. Others may think about how debts play into the distribution of an estate, too. Yet, there are a whole host of other types of property that can carry tremendous value. Failing to appropriately address them in an estate plan, though, could mean that they wind up in the wrong hand.
Famed singer Aretha Franklin is well-known for her vocal work while with Motown Records. Her music has inspired a generation, and it continues to be heard across the world. While her talents continue to be celebrated long after her death, Franklin is also well-known for something else: failing to create an estate plan to deal with the distribution of her assets.
A solid estate plan is one that is thorough and updated over time. Yet, with each legal document executed and modification made comes scrutiny. This can be especially true when changes to an estate plan are substantially different from what the plan previously constituted.
By utilizing a basic will, Californians can spell out how they wish for their assets to be distributed upon their death. Although many people think of this legal document as easily executable, it can raise some serious legal issues if improperly handled. This is why it is usually best to have the assistance of a skilled estate planning attorney before creating and finalizing one of these wills.