The Importance of a Will

With the abundance of intricate and specialized estate planning tools currently being offered by estate planning professionals, many people overlook the importance of what should be the central part of every estate plan, the will. A recent article discusses the advantages associated with, and the importance of having a will.

Most wills contain important provisions. These provisions include any specifications for your funeral, preferences for the method of final disposition of your remains, the selection of the person who will oversee the distribution of your estate, the disposition of specific assets such as family heirlooms, and a designation of the people you would like to care for your children should you become unable to do so.

Beyond the implementation of the provisions outlined above, wills also provide certain advantages. To begin, having a will necessarily avoids intestacy. A person dies intestate when he or she dies without a will in place. In these situations, all probate assets are distributed to that person’s heirs via state law. A common misconception when it comes to intestacy is that, if a person dies intestate, all of his or her assets will pass to his or her surviving spouse. Often, this not true. In many situations, most states only award the surviving spouse a portion of the decedent’s estate.

For assistance in drafting a will to suit your needs, contact us at (626) 696-3145.

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