It is always a good idea to create a will and develop an estate plan. The best time to create a will is as soon as possible. Even if you are young without many assets, creating a will sooner rather than later is the best way to go to make sure your wishes for the future are protected.
If you are considering creating a will, our estate planning attorneys at Galanti and Copenhaver can help you. Our attorneys will discuss your estate planning options with you in order to help you select the best plan for your future. Contact us today by email or by calling us at 707-867-0787 to schedule a consultation to discuss your estate planning needs.
Reasons to Create a Will
There are many reasons to create a will. One of these reasons is that if you are a parent, by creating a will, you can designate guardians for your children in the event of your death. If you do not have a will and you pass away, the decision of who will be the caretaker for your children may be left to the state, and it may not be the best outcome for them.
By creating a will, you can direct a portion (or all) of your assets to go to a charity of your choosing. If there is a cause you are particularly passionate about, you can support them after your passing. This can also benefit you in the meantime, as it always feels good to give back to a cause you believe in and knowing you will be supporting that charity even after you pass away is a good feeling.
Another reason to create a will is that if you own a business, you can include a plan for your business in the event of your death. You can choose to pass on your ownership in the business to your heirs or give a business partner (if you have one) ownership of your portion of the business.
Creating a will also gives you the option to get specific and detailed with your wishes for your assets. You can leave family heirlooms to the family members that you feel will cherish these items the most. You can also choose to leave things like your car or your home to specific family members that you feel will benefit the most from these items.
If you have a will, it will also make things easier on your family during the difficult time they will have with your passing. If you were to pass suddenly without a will, there would be confusion and potential conflict between your family members when it comes time to distribute your assets. With a will in place, you can help your family avoid dealing with these issues since the distribution of your assets will go much smoother than if you did not have a will. Additionally, if you have children, your family will know what your wishes are regarding who is to be their guardian and it could save them a lot of time and energy.
What You Need to Consider When Creating Your Will
Once you have decided the time is right to create your will, there are a few things you must consider before getting started. One of the first things to do is to decide who you would like to be the executor of your will. The executor of your will has the responsibility of making sure your wishes are carried out, so it is important to choose someone responsible to have these duties.
If you have children, you will also need to decide who you want to be their guardian in the event of your passing. It may be as simple as choosing your spouse, but you should also have it designated in your will who you choose to be the guardian in the event you and your spouse pass away at the same time; for example, in a car accident or a plane crash. While this is not fun to think about it, it is important to have these things established so that you know that your kids will be well taken care of in the event tragedy strikes.
You will also need to determine who your beneficiaries are and what assets you want to go to each of them. In some cases, it may be easier to decide who your beneficiaries will be than for others, but it is an important part of the process that you should give some consideration to before creating your will.
For help creating your will or for any other estate planning needs you may have, do not hesitate to contact our California estate planning attorneys at Galanti and Copenhaver. Call us today at 707-867-0787 to get started planning for your future.