No one knows what the future holds. Everyone makes plans for the future; however, for some, there is no future. Unfortunately, California residents die every day, and planning for this inevitability benefits all involved. Perhaps the best way to plan and protect family and assets is through the creation of wills.
One of the primary reasons to create a will is that it allows the individual to direct how his or her estate will be divided. The individual can specify exactly how much money or which itemized assets or possessions will go to specific individuals. It also allows the maker of the will to specifically exclude individuals from receiving specific assets or any assets at all.
Another important reason for creating a will is that it allows parents to decide who will take care of any minor children. With a will, the decision is already made and if the worst should happen, the intended individual or family can step in and make sure that the children are cared for. Without a will, parents are leaving this important decision to a court system that does not know the children or the family dynamic.
A will also helps in reducing estate taxes. Assets can be given to family members or charities through a will. This can then reduce the amount of the estate that is subject to estate taxes.
Because there are many things that need to be considered in writing wills, one should seek experienced legal guidance. One can then make sure that sound decisions are made. Additionally, he or she will want to be sure that the document will hold up if challenged in a California court.
Source: FindLaw, “Top Ten Reasons to Have a Will“, Accessed on Dec. 3, 2016
