You might be thinking that you don’t need a will — but the truth is that most people do. If you don’t have a will, your property will be passed to your heirs through the probate process. Probate can take months or even years, and it can leave your family members with huge legal bills.
Here are three reasons why you need a will:
1. You’ll Avoid Probate
One of the biggest advantages of having a will is that it avoids estate litigation and eliminates the need for probate court proceedings. Probate court is notoriously time-consuming and expensive, so avoiding it by having a probate lawyer in Folsom CA will in place is always beneficial.
2. You’ll Save Money on Taxes
When you die without a will, your assets are distributed according to state law and not according to your wishes. This means that if you want your assets to go toward helping someone else (such as your children) rather than paying off debts (such as medical bills), they won’t necessarily do so unless they’re explicitly stated in your estate plan.
If you have a probate lawyer in Folsom, in CA draw up an estate plan for you, he or she can help ensure that this happens and reduce taxes at the same time!
3. You Have Substantial Assets
If you have a large amount of personal property and/or real estate, a will is necessary to avoid probate when you die. Probate is the court process that claims your assets from your estate.
It can take several months or even years to complete this process depending on the value of your estate and the complexity of your affairs. In addition, there are fees associated with probate which can cost upwards of $5,000 or more depending on the size of your estate.
4. You’re a parent
If you have children, a will is an essential document that ensures your child’s best interest is met. A will allows you to name guardians for minor children and decide how their inheritance will be distributed. A trust can also be created for your children’s benefit.
5. A will protects your family from financial ruin during an emotional crisis
The death of a loved one is never easy on survivors — but when there’s money involved, things get even harder. Some people who are grieving may make poor financial decisions out of desperation or anger, which could cause major problems for their surviving family members after they pass away. Without an estate plan in place, this could mean losing your home or having creditors come after your loved ones for money owed by the deceased person before his or her passing date.
Why Hire the Yee Law Group, P.C. as Your Probate Lawyer
The Yee Law Group, P.C. is a full-service probate law firm in Los Angeles. We are dedicated to helping our clients achieve their goals and guide them through the legal process with ease.
We understand that the death of a loved one can be an emotional time for family members, so we take the time to listen carefully and answer all your questions. Our goal is to help you through this difficult time by providing compassionate and attentive legal representation.