Updated: Apr 21
The Most Important Steps Of Creating Wills In California
You have an estate, believe it or not. Almost everyone does, in truth. Your estate includes everything you own, including your car, house, other real estate, bank accounts, investments, life insurance, furniture, and personal belongings. Everyone has an estate, no matter how big or small, and they all have one thing in common: they can't take it with them when they die. Consider one of our prescreened California Lawyers in your California Attorney Search.
When that happens, you'll definitely want to have a say in how those items are distributed to the individuals or organizations that matter most to you. You must have orders specifying who you want to receive something from you, what you want them to receive, and when you want them to receive it in order for your wishes to be fulfilled. Of course, you'll want to pay the least amount of taxes, legal fees, and court costs possible. Despite the value of making an estate plan, statistics show that only about half of all Americans have one. Now is the time to sit down and build your own estate plan if you haven't already.
Many people believe that estate planning is limited to the creation of a will. However, estate planning may also include environmental, tax, medical, and business considerations. The complexities of the estate, Medicaid, and tax planning are numerous. The solicitor must have a detailed understanding of not only probate law, estate management, trust, wealth security, and Medicaid laws but also income tax, estate tax, gift tax, generation-skipping tax, and excise tax laws. Both of these factors are intertwined and have an effect on your estate plan.
What is the difference between a Last Will and Testament and a Living Trust?
A Last Will and Testament is a legal document that expresses an individual's desires about his or her estate properties and what should be done with them after the Testator (Will's creator) passes away. Gifts made in a Will can be general or personal, and they can go to as many people as the Testator wishes.