Every California adult should plan for the future in order to protect their loved ones. A big part of estate planning involves having a will. This is what your will means and why you need one.
A last will and testament is a legal document that outlines how you wish your property and assets to be distributed upon your death. All adults should have one one regardless of their age and health status. If you are a parent, your will also allows you to name guardians for your minor children if you unexpectedly pass away.
Your will also allows you to express your wishes for how your funeral should be handled. You can state whether you wish to be buried or cremated. It can even help you save on estate taxes; many people choose to donate money to charity or make gifts to loved ones, which can achieve that.
Some people choose to have a will and a trust at the same time. Trusts can take things further when combined with a will as you can hold certain assets and property to leave to your beneficiaries in the future.
Why you need a will
Sadly, some people neglect to create their will and end up passing away, unable to leave property to their loved ones. Dying without a will is referred to as “intestate” and results in the estate being distributed in accordance with state law.
Children of parents who die without a will may end up with their parent’s closest relative or even a ward of the state depending on the family situation. A family member the deceased might not have wanted to receive an inheritance might also end up receiving property or assets from the estate.
Having a will can give you peace of mind that your family and estate are in good hands.