Over the years, most people in California and across the country accumulate various assets. Many of these assets could prove beneficial to family members in the future, and as a result, people generally want those assets to pass on to those loved ones. However, without wills and other estate planning documents in place, who gets what might not be as guaranteed as one would think.
A will is a great starting point for a comprehensive estate plan, but according to a recent survey, only 32% of adults who responded indicated that they have a will. The main reason given for not creating one is that individuals do not have a considerable amount of assets. As a result, they believe that they do not need a will.
While many people follow this line of thinking, a will can actually benefit any adult regardless of the number of assets or amount of wealth he or she has. It can better ensure that whatever a person does have goes to the parties the estate owner desires. Of course, even if a will is created, it is important to review and update that document throughout the years.
Wills may not seem overly important, but they can cover important details for California estates. Individuals can indicate who they want to act as their executor, who they want as guardian of their minor children and how they want their assets distributed. If parties have not yet created this document or need to update an existing document, it may be prudent not to delay.