While death is inevitable, each of us is going to reach the end of our lives, sooner or later. Some people feel uncomfortable about this topic and even shun a discourse about dying. Perhaps, this is also one of the reasons behind a great percentage of the American population not having a will. According to a recent survey, more than half of American adults have not drafted a will, an important factor of estate planning.
If you are in these following situations, you might want to consider leaving behind a will:
You have children
Your financial assets and your properties are not only what covers a will. If you have children who have not reached legal age and you pass away without a will, it will be the courts and law which will decide where your kids will go. By writing a will stating to whom you are giving guardianship of your children, you can prevent that. This legal document lets you choose the people you want to raise your children and not let the legal system.
You have assets
If you have several properties, banks accounts and vehicles which you will leave behind upon your death, not considering estate planning can lead to members of your family fighting over your estate. Without a will, your assets will be divided among your spouse and children. What you own will be divided in a standard, legal way which you might not really be happy about. With a valid will, you can share a part of your assets. These assets can be shared with people other than your immediate family.
Say, you want to give an old friend your car or one of your houses. Even if you have already informed your family and your friend verbally but did not support it with a will, your family can disregard your wish and leave your friend with nothing. Whether you are leaving millions or a few hundred dollars, you might want to consider putting it down in writing. What you wish to happen, and what actually does happen are often different if not supported by a will.
You are aware of estate taxes
By now, if you do not understand taxes, you may end up paying more than what you expected. This is also the same with estate taxes. While your family will pay taxes for your properties after you die, a will can give you the opportunity to reduce the amount they have to settle. If you have an intestate estate, that is, one that is not covered by a will, it will end up in probate court. Your spouse and children might have to pay a large amount of inheritance tax in this case. But if beforehand, you were able to give a portion of your property as a gift or grant, the inheritance tax your family will have to pay is reduced.
Estate planning is important if you want your family to be financially and emotionally secure upon your death. An attorney who specializes in cases, such as estate planning and probate administration can help. This legal expert can also assist you with drafting your will to ensure you never leave any loved one out.
Shamon Law is happy to provide the following legal services to San Diego 92108, and the surrounding San Diego areas: Wrongful Death, Motorcycle Accidents, Dog Bites, Bicycle Accidents, Slip & Fall Accidents, Wills, Trust and Estate Planning, as well as Auto Accidents and other legal fields. Call us today at 619-737-2727 and see if we can help you!