Many people have the misconception that a will is a needless document and a cash grab for attorneys. On the contrary, it’s a document that many people will seek to get made once they realize the effect not having one can have. Here’s why you need a will and should work with a wills and trusts attorney for it:
Deciding How Your Estate Is Divided
People often wonder what happens when you pass away without a will, how the estate is distributed among the recipients. In such a case, the laws of intestacy apply and they can vary from state to state. Here, you have no control over who gets what.
There can be various terms and conditions that you’d want to set. Perhaps a family member that deserves more than the other or an estranged child you plan to limit off from your wealth. Regardless of the specific condition, you can set the terms in light of legal requirements by creating a will.
Assigning Guardians for Minors
After your passing, you’d want the best care and attention for your younger children. It’s essential that their rights are secured and it’s necessary that they’re under the protection and guidance of someone that you trust. If you don’t specify who that person will be, the court will, and while we trust in their power, you as the parent should dictate that.
Ensure that even in your absence, your children get the rights they deserve until they’re old enough to make decisions for themselves.
Minimizing Estate Taxes
The taxes that apply to your estate can be fairly significant depending on the size of your estate. It potentially means that your family gets less as most of it goes to the state. But this doesn’t have to be the case because there are totally legal ways of minimizing some of the taxes that apply to your estate.
Working with an estate planning and probate attorney will help you efficiently deal with this aspect.
Take care of your loved ones, even after your passing by having your will drafted with the help of a competent wills and trusts attorney. Our property division attorneys, family law attorneys are aware of the various matters that need to be taken care of during estate and probate planning, helpingensure minimal problems in the experience. If you’re looking for a general practice firm in Chico, CA, you can reach out to us today at Marquez Law Offices.