The Importance Of A Will
When planning for the future, the most common thing people think about is needing to get a will in place, so that they can have their wishes on distribution of assets honored and not have the state decide how they want to split up those assets.
A will says who will inherit your assets after your death, including tangible items such as real estate, vehicles, and personal belongings, and intangible assets such as stocks, bonds, and bank accounts. It is also a way for you to appoint a guardian for any minor children that you might have in your care. Without a will in place, your assets or the guardianship of your children could wind up in the hands of people you wouldn’t have chosen and may not want to have.
Some wills may also contain provisions for pets, funeral arrangements, or establish trusts to manage assets. They also often name an executor who will be responsible for the management of the estate and make sure debts and taxes owed are paid, distribute assets to beneficiaries, and handle other tasks that may be associated with the estate.
Just like with most things in life, creating a will isn’t a one and done thing. Circumstances change throughout your life, assets come and go, the need for guardianship may fade away, relationships change, and it’s important that your will reflects the changes that happen in your life so that your wishes can be met as much as possible.
While it might seem daunting, a will can help you protect your legacy.
If you would like help creating a will and estate plan, contact Irvine Legal
385-333-7966