What Your Estate Planning Process Would Mean in Creating a Will

Creating a will does not top the priority list of things to do, especially if you are young, healthy, or do not think you have a “big” estate. But here is the truth: Everyone needs a will. Indeed, everyone out of state, no matter how small or large their income, no matter the number in the family, must ensure their loved ones are protected against the possible legal complications, delays, and pronouncements without legacies in their favor.

What Is Will, and What Does It Deal With?

A will is a legal document that specifies the way your assets and possessions should be distributed after your death. It also allows you to do the following: 

• Assign a guardian-someone to care for children or dependents not yet in adulthood.
• Appoint an executor who will take over the management of the estate.
• Specify who will get what (money, property, heirlooms, etc.).
• Prepare charitable donations or special gifts.

Otherwise, without a will, your estate would automatically be shared according to the intestacy laws of your state-something that may not align with your priorities, either as a person or as a family.

2. What Happens If You Have No Will at the Time of Death?

But if you die without a valid will,i.e., die intestate, the courts become involved to establish who your ‘client’ belongings would go to after death, which: 

• Ignores your wishes
• Hinders access to money or property for your loved ones after your death 
• May cause subsequent disputes within the family 
• Might end your property being passed to distant relatives, the state-if there are no heirs 
• A will ensures that it is not determined by a court case, but rather by you what would happen after and with your estate. 

3. Who Needs a Will?

Every adult over 18 years is encouraged to at least have a basic will; to be specific, if the individual: 

• Owns a Home or Car
• Has a Husband/Wife or Live-in Partner
• Has Depended Children or Dependent People 
• Owns Any Savings, Investments, or Business
• Wants to Gift Anything to a Friend or a Charity 

Even with a meager estate, it confers clarity and prevents the family from guessing what your preferences would be. 

A Will Only Set You Up for the Future

Wills are essential, but they are being built as part of a complete estate plan. Other elements of such a scheme may include: 

• Living will (for medical decisions)
• Power of attorney (for financial or healthcare decisions)
• Trust (to avoid probate or manage larger estates) 

These may be bundled together to make sure your wishes are protected and less burdensome to your family.

This article was written by Alla Tenina. Alla is one of the best tax attorneys in Los Angeles, California, and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. Visit www.teninalaw.com for more information. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.