All California residents could benefit from having an estate plan. One aspect of it is a will. It’s important to know as much as possible about a will before you sign one.
What is a will?
A will is a legal document included in the estate plan that allows you to state how you want your property and assets to be distributed upon your death. It also lets you name guardians for your minor children if you pass away while they’re still young. Your will gives you and your loved ones peace of mind that your wishes will be carried out upon your death.
In your will, you name an executor who is the person who oversees your estate after you die. The executor will be responsible for paying out taxes and debts and making sure that your assets and property are safe.
When should you have a will?
A will and estate planning isn’t just something that rich people create. Anyone regardless of financial status can benefit from having one. You should have a will when you want to leave assets and property to specific people and want to make sure that each person gets what you intend. It also allows you to prevent certain family members from inheriting property. For example, if you have a relative who is estranged and you’re on poor terms with them, they won’t receive anything if that’s what you stipulate in your will.
Your will can help you save on estate taxes. You can also choose to donate to charity and improve your tax situation even more.
Someone should witness the signing when you sign your will. A witness can attest to your family that you intended for your will to be as it was when signed.
You should know as much as possible about a will before signing it. It will give you a needed sense of security.