Few things in life are certain. An old adage states that there are only two things in life one can be sure of, death and taxes. That statement is certainly true and one more that can be added is that one’s wealth and property cannot accompany one to whatever an afterlife brings in California. Having a will or a trust can protect one’s wealth and property left behind from undue taxes and ensure that one’s heirs receive bequests as stipulated.
Wills can serve to protect both property and people. When property is bequeathed to a person or entity in a will, probate allows the property to be transferred as intended by the deceased. In some instances, particularly where children are concerned, assets and property may be held in a trust until a child is older. These trusts are put in the charge of a trustee until the child reaches the age specified in the trust at which point he or she receives the proceeds.
Another area that wills can be used to protect people regards the physical care for young children. For many people, starting a family is an impetus for creating a will. This is not only to protect any wealth that may have accumulated, but also the care and well-being of one’s children. A will can include information on guardianship as to who will have the responsibility of raising the children should both parents pass away.
For a young family, having a will can provide peace of mind. Wills are subject to the probate process and so must meet certain legal standards. A family establishing a will may wish to consult with an experienced estate planning attorney in California to ensure that one’s will successfully and legally communicates one’s final wishes where one’s assets and heirs are concerned.