One of the main reasons why you should have a last will and testament is to make sure that your assets go to your intended beneficiaries after your passing.
And here’s what is going to happen in case you do not have a last will and testament: the government will make one for you. They will distribute your assets based on the generic laws in your state. In general, this means that they will split your possessions between your next of kin, spouse, and children.
Recognizing the importance of will and testament, San Diego, you must do your homework before making an appointment with your lawyer. You need to make sure that all of the requirements are ready before crafting the said documents.
Here are some of the most important things that should be clearly defined:
Identify your assets. Take a comprehensive inventory of your assets before meeting with a lawyer. Have a list of your bank accounts, credit cards, investment, retirement funds. In addition to these “traditional assets,” you need to also list down your digital properties such as online bank accounts, domain names, social media accounts that generate money, and the like.
Remember, it does not make sense to identify who is going to be your beneficiary if you don’t know what exactly your assets are in the first place.
Deciding on guardians and trustees. If you have children, naming their legal guardians in the event of your passing is a very important part of the will process.
Many legal experts recommend not to choose the same person to be both the legal guardian and the trustee – the person in charge of the child’s assets. It makes perfect sense, right? You do not want one person to handle everything.
Protecting your business and providing for the charity of your choice. About 70% of family-owned businesses do not last past the first generation and the main reason is lack of estate planning. Protecting your business should be a consideration in crafting a will and testament, San Diego (and using a living trust). It’s a good way to pass on the torch to your heirs or co-owners of your business.
You should also think about providing for the charity of your choice. A will and testament is a great tool to give back and make sure a portion of your assets are put to a good cause through a charity.
Looking for a reputable lawyer to help craft your will and testament, San Diego? Contact an expert from the Law Offices of Ronald R. Webb today.
Call us at (858) 558-1191.
