Most people know that a will is a legal document that outlines how your assets are to be divided and distributed when you pass away. A will is the most widely utilized and well-known aspect of estate planning and is vital to have. Without a will, the state gets to decide who gets your assets in the event of your death. Even though most people are familiar with how important this legal document is, nearly two-thirds of all Americans don’t have a will in place. Making a will can be uncomfortable because it means addressing your mortality, but having your will in place is a crucial part of estate planning.

Who should have a will?

In a nutshell, everyone. You don’t need to wait until you have a significant amount of assets, or until you retire. Wills can (and should) be updated regularly to reflect your current place in life. Events that would result in changing your will can include getting married, getting divorced, having children, or gaining more assets. For people who have minor children, it is especially important to make a will so you can determine who will receive custody of the children in the untimely event that both guardians pass away. This requires having some difficult conversations but will provide everyone with peace of mind knowing that there are steps in place that will ensure the welfare of the children. In California, unless you make a will that states otherwise, your spouse will receive all of your community property as well as a portion of your separate property, and your children will receive the other portion of your separate property. If you don’t have a spouse or any children, then your property will be distributed amongst your relatives. If no relatives can be located, then your property will go to the State. 

What should be included in a will?

In addition to the custody of children and the division of financial assets, a will can outline who will receive any and every item in your possession. This can include pets, vehicles, furniture, and pictures. Your will can also dictate if your belongings will be left directly to your heirs or be left to them via a trust. By placing their inheritance into a trust, you can lay out specific rules and provisions for how they use or spend it. You will also determine who will be the executor of your will. This person will act as the administrator of your will and should be someone you trust. 

Call LPEP Law today.

At Lonich Patton Ehrlich Policastri, we understand the importance of having a skilled attorney draft your will. We want to give you peace of mind knowing that all of your wishes are documented in a document that will hold up in court, giving you and your loved ones peace of mind. Call us today at 408-553-0801 or fill out our online form here to schedule a free 30-minute consultation.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter. 

We all know it’s important to plan for the future. Maybe you have made some wise investments and want to make sure your assets get passed on to your children. Or, if you have a special needs child, you might be wondering how to ensure they’re well taken care of if anything happens to you. Although it might be unpleasant to think about a future when you won’t be around to care for your family, it is important to make decisions now to protect your family later.

If you’ve started thinking about making a will, you might have a few questions. Is a will all you need to cover everything? Is a will the same thing as estate planning? What happens if you don’t have a will?

What is included in a will?

A will is a written document that provides details and instructions for:

• How you want your assets to be distributed after your death, including gifts to family members, friends, or charities. 
• Who should be the guardian of your minor children.
• Management of any assets left to minor children.
• Designation of an executor, or person responsible for administering your estate, including payment of debts, taxes, or expenses after your death.

What is estate planning?

Although they are related, a will is not the same thing as an estate plan. Estate planning is the process of organizing your estate to help you make decisions about your finances, taxes, medical issues, debts, and business, etc. A will is part of this process, but an estate plan is much broader, allowing you to:

• Maximize your enjoyment of your estate during your life;
• Help protect your assets in cases of divorce or bankruptcy;
• Minimize the impact of taxes;
• Ensure that you can provide continuing care for your loved ones after you are gone;
• Provide instructions related to healthcare decisions such as the use of life support or organ donation if you become incapacitated;  
• Be certain that your decisions and final wishes regarding distribution of your assets are carried out after your death.

Because your estate encompasses all of your property and assets, including financial accounts (bank, life insurance, retirement); investments (stock, bonds); real property (house, real estate); and personal property (cars, jewelry, furniture), estate planning is essential for everyone, not just individuals with large estates. Families, specifically, benefit from estate plans because they can help plan for funeral expenses and determine custody and guardianship issues for minor dependents, including children with special needs.

What happens if I don’t have a will or estate plan?

If you do not have a will or estate plan upon your death, a judge will appoint another person to take control of your assets in accordance with laws in California. Usually, your estate will be distributed to a spouse or domestic partner first, followed by immediate family. Any close friends or charitable organizations would be ineligible to receive benefits.

Start planning today

The estate planning attorneys at Lonich Patton Ehrlich Policastri offer a full range of legal services related to estate planning and are experts in preparing wills, revocable living trusts, special needs trusts, and other documents used in charitable giving and transference of wealth. Call us today at 408-553-0801 or fill out our online form here for a free consultation. We can help you make the important decisions that will help you and your family today and in the future.

Disclaimer: this article does not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.