A will is an important step in securing the future and well-being of your loved ones when you pass away. Although it seems overwhelming, a will ensures the fulfillment of your final wishes and the correct distribution of your assets to your designated recipients. An estate planning attorney is essential in easing the process of writing the will and can make sure it is legally binding. You may believe you are too young or healthy to begin writing a will, but it is better to do it now, especially since it can be updated whenever circumstances change. There are a few cases where the creation or updating of a will is necessary.
A Major Purchase
Vehicles, expensive items such as jewelry or art and real estate all qualify as major purchases that should make you consider writing a will. The will helps clarify who will inherit your assets or other plans for your property.
After getting married, you may want to add your spouse onto your will. Some states require a will to be revised in the case of a second marriage because if not specified, your first spouse can inherit your estate and your current spouse will receive nothing.
Fortunately there are exceptions to this law if:
- a premarital agreement existed before specifying a different arrangement with who receives what;
- the spouse is mentioned by name in the will and their inheritance is specified;
- or if you stated in the will that your spouse will not inherit anything from your estate.
Starting a Family
Your estate planning attorney can help establish a trust fund and explain different options for tax saving on your property. If you want your property to be passed on to your children, you may include this in your will. Children who are minors cannot own property legally but you can establish a trust fund to ensure your assets can be collected when your child is legally allowed to manage them.
Contact a Lawyer Today
The process does not have to be stressful or overwhelming and ultimately it benefits your loved ones in the future. Contacting a knowledgeable attorney, like an estate planning lawyer Sacramento CA trusts, today can take care of your loved ones when you pass as you did in life.
Thanks to our friends and contributors from Yee Law Group for their insight into wills and estate planning.