Many people don’t want to think about estate planning because it is not exactly a cheerful topic; on the other hand, it can be sad and morbid. It is especially hard for the younger generation as death seems very far away. However, death is certain to happen to everyone, yet many people still do not have wills or have not updated them in years. It can also seem time consuming to list each and every asset you have, but legal professionals specializing in estate law can simplify the process and ensure that your exact wishes are eventually carried out without a problem.
Who Will Receive Your Estate?
If you never create a will listing your wishes once you pass away, your estate will go through intestate (dying without a will) succession. Each state has their method that they use to determine which heirs will receive your estate if you pass away without a valid will. Distribution schemes include Per Stirpes, Per Capita, and the Uniform Probate Code. The goal in these schemes is to have your blood-related relatives and spouse (if married) receive your estate, but it will not account for personal items that you might want a specific person to have or if you want a certain person to receive more or less money.
Planning Process
Attorneys will be able to write a will for you following the rules within your state. Each state has their own rules for a will to be enforceable. Therefore, if you live in California, you will want to reach out to a law firm such as Titanium Asset Protection in Orange, CA, so that you can rest assured that your will is valid.
For example, some states allow holographic (handwritten and signed by the testator) wills, but other states will not enforce this kind of will, and your estate will have to go through intestate succession. Additionally, some states require two witnesses to sign the will in the presence of each other. Hiring an experienced attorney that knows the valid process in the state you live in, is key to ensuring your will is enforced.
Research
Many estate attorneys have small business law firms. You should always look up an estate planning law firm’s small business info online before choosing them to create your will. Licensed attorneys that are sworn into their state’s Bar are allowed to create wills, but you will want to make sure that you have an attorney that knows the execution rules and will be able to explain your exact wishes and intents while completing your will.
The biggest takeaway is that any adult should not wait to have a professional will created. Furthermore, if you already have a will, you should take the time to take a look at it from time to time to make sure it does not need to be updated. When it comes down to it, you cannot know the exact day that you will die, and dying intestate is usually not favorable or advised. If you have been considering a will or realize now that you need to make one, you should not waste any more time and have one made.
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