A will lawyer Sacramento may help you draft a thorough will. If you are married or have dependents, it is never too early to start thinking about creating a will. Here are some good reasons why it may be beneficial to have a will:
- A Will May Protect Your Spouse
If you are married, it’s important to make sure your spouse is financially stable if you die. If you have your will lawyer in Sacramento state in your will that your spouse should get your property and any other assets at the time of your death, the court could hand everything over to him or her. Without a will, the court could pass on just half of your assets to your spouse and the other half to your children.
2. A Will My Appoint Guardians for Your Children
A will may also name the guardians who you want to take care of your minor children if both you and your spouse die. This person can be anyone from an aunt or an uncle to a close friend. It is important to get the person’s approval before you have your will lawyer Sacramento respects appoint him or her as guardian of your children.
3. A Will May Reduce Burden on Your Family
Dealing with a death is an emotional and stressful process. In addition to dealing with the grief of losing a loved one, family members must make funeral arrangements and figure out how to pay for everything. If you have a Sacramento will lawyer draft a will, you may set aside money for funeral costs and state your burial wishes.
4. A Will May Ensure Your Possessions Go to the Right People
If you want to make certain that your jewelry, artwork, family heirlooms, or other items of sentimental value go to certain family members upon your death, drafting a will may be in your best interest.
5. A Will Enables You to Appoint an Executor
When you have a will lawyer Sacramento depends on draft a will, you can name the person you want to administer your estate when you die. This person may make sure your wishes are carried out. The person you appoint may be a family member or even a close friend.
6. A Will May Prevent Inheritance Disputes
The last thing you want is your loved ones arguing about their inheritance upon your death. If you hire a will lawyer Sacramento relies on to draft a will, it may help your family members avoid inheritance disputes when you die. If you state specifically who will inherit certain assets, there should not be any arguments between your loved ones.
What Is A Will?
A will is a legal document that indicates your wishes on how to distribute your property and the care of any minor children. If you do not have a will in place at the time of your death, unfortunately, your wishes cannot be carried out. That means your loved ones and/or heirs could be forced to spend additional time, money, and emotional energy on settling your affairs when you have died. To make sure that everything will be in ordered after you pass, you should consider having a will lawyer Sacramento prepare one for you.
Why Should You Have a Will?
Often people associate wills with being wealthy and only wealthy people need to create one. However, that is false. Preparing a will with an attorney ensures that your assets are distributed the way that you believe is the best fit. Here are a few reasons to have a will:
- You can be clear about who gets your assets. You are able to make the decision of who gets what and how much.
- You can keep your assets out of the hands of people you do not want to have them like an estranged relative.
- If you have children, a will lets you identify who should care for your children. If you didn’t have a will then the courts would decide on your behalf.
- Your heirs will be able to access your assets faster and easier.
- You can plan to save your estate money on taxes. You are also able to give gifts and charitable donations, which could help offset the estate tax.
What Is Covered In A Will?
A will directs how your belongings such as bank balances, property, or prized possessions should be distributed. If you have a business or investments you are able to specify who will receive those assets and when. A will also gives you the chance to give assets to a charity, or charities of your choice. It also lets you leave any part of your assets to an institution or an organization.
If you die without a will the state will oversee the dispensation of your assets, which it will most likely distribute according to a set formula. Most often, the formula will result in giving half of your estate to your spouse and the other half going to your children. A scenario like this could result in the sale of the family home or other assets, which would not be beneficial to the surviving spouse and family who may have been counting on the bulk of your assets to maintain the same so that he or she could continue living the same before you died. Having a will greatly benefit the people who will survive you and for them to maintain their standard of living and not to be totally disrupted by your death.
It isn’t easy creating a will, but it would be in the best interest of your spouse and for your children. Not to mention, it gives you a sense of ease that you have everything taken care of so that you ensure that the people that mean the most to you are supported after your death, especially if they are dependent on you.
List Your Assets
If you have a will lawyer in Sacramento CA, such as those found in the Yee Law Group, your attorney will tell you that the first step in creating a will is to list your assets. Include your real estate, businesses, stocks and bonds, copyrights, patents, royalties, collectibles, jewelry, artwork, life insurance and financial accounts. You may also have digital assets, such as electronic accounts or programs you have purchased.
Anything you have that has any value, whether it is intrinsic or extrinsic, should be identified. Make your list as detailed as you possibly can. Your attorney should ask you questions to help you remember items or accounts you may not have considered to be assets.
Identify Your Underaged Children
If you have any children who are under the age of 18, you should also list them. You will need to determine who will be their guardian if anything happens to you while they are still underage.
Pets can also be included in your will. You may determine who inherits these animals and if they receive any compensation for adopting your pets.
Gather Your Legal and Financial Documents
Your will lawyer in Sacramento CA will need copies of all your documents. These include ownership papers for your major assets, e.g., your house’s deed and car title. You also need to have statements for your investment portfolio and financial assets, such as your bank accounts, retirement accounts, bonds, etc. Include birth, death, marriage and divorce paperwork. Don’t forget to write down your account numbers and financial institutions.
If you have debts, these statements should also be prepared. Your funeral preparation and plans need to be discussed as well. Don’t forget important phone numbers and addresses, such as those for your insurance agent, accountant, financial advisor, lawyers, bankers, beneficiaries, etc.
Determine Your Desires
You need to identify who gets what. You may have a good idea of what you want to give to all your loved ones, how much you want to give to charity, etc., but when you review your list, you will typically find that there are some items you may not have considered. A reputable will lawyer in Sacramento CA, e.g., those at the Yee Law Group, should guide you through each item on your list and review who gets what.
Also, you can create conditions in your will. For example, you may not want your underaged son to get access to his trust until he turns 25, or you may require that your guardians maintain a specific financial position or live in your home until your children are of legal age.
Do not wait too long to write a will. Life is unpredictable and you never know when something might happen. A will is an important document that could help protect your assets and your loved ones in the event of an unexpected family tragedy. A qualified will lawyer may help you draft a valid will so that your wishes are carried on upon your death. If you are looking for a will lawyer Sacramento offers, contact the Yee Law Group, PC at 916-599-7297.
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