Many people either put off writing a will until they reach old age or forego creating the document entirely. Whether they believe their estate isn't valuable enough for a will or don't think they have enough assets, they should still consider creating a will. Everyone can benefit from creating a will, regardless of estate size or worth.
The most common benefits of a will are:
1. Ensuring Your Possessions Are Distributed Correctly
If you pass away without a will, the state has complete control over your estate. This means that the courts will settle all outstanding debts you may have before distributing the remainder of your assets to your next of kin. This could be troublesome for individuals who would like to give certain items to people or leave a sum of money to charity.
2. Appointing an Executor or Trustee
When you create a will, you can name a person you trust to distribute your finances and assets to family and friends.
3. Appointing a Guardian to Minor Children
If you and the other parent of your child pass away unexpectedly, the fate of your child will be left to the court. Family or friends you believe would be a good fit to raise your children will have to petition the court for guardianship. However, if you name a guardian in your will, your child will immediately be under that person's care.
4. Specifying Funeral Arrangements
Many people make special provisions for their funeral in a will. Not only does this ensure that your wishes are carried out, but it can also take the stress away from surviving loved ones who would otherwise be tasked with planning and executing the funeral.
5. Creating Provisions for Pets
If you have a beloved pet, you can make special arrangements for them. This could include leaving a chunk of money for the care of the pet and naming a person to look after it.
Helping Our Clients Establish Peace of Mind
When you choose to work with Samra Dhillon & Associates, you are choosing a firm that is well-versed in estate planning. We can help you create a legally sound document that fulfills all your estate and end-of-life wishes.
To set up your appointment, call our firm at (916) 571-1550 or contact us online.