Remember that if you don’t write your will correctly, your wishes could end up going unfulfilled, says Claremont Portside’s article entitled “A Guide for Writing Your Will: Steps You Need to Take.”
While there are a lot of tools online, your best bet is working with an experienced estate planning attorney.
Schedule a meeting with an estate planning attorney to discuss your final wishes. The process of writing a will is relatively straightforward:
- Decide who you want to inherit your assets
- Remember to include your favorite charities, if you want
- Note if any of your heirs has special needs or requires extra planning (e.g., if they’re not good with money)
- Note if you have minor children who will need a guardian and can’t inherit outright at their age
- List the specific items or assets you want each person to inherit
- List any debts or liabilities
- Designate an executor or personal representative
- Determine how your estate should be managed, until it is distributed; and
- Ask your attorney about tax implications.
Once prepared, retain a copy in a safe place and make copies for your executor, your spouse or partner, children older than 18 years old and any other heirs who live in another state. In California, to avoid probate, if you have asset valued at more than $166,250, you may want to have a trust to avoid probate all together and delay when minor children will receive their full inheritance.
When you begin this process, create a list of what you own and how much it’s worth. This can help ensure that your estate is distributed according to your wishes.
The executor of your will is responsible for ensuring that everything goes according to plan, so choose someone you trust.
One of the main goals of our law practice is to help families like your plan for safe, problem free, and successful transfer of assets to the next generation. Call our office today to schedule a time for us to review your estate plan and identify the best strategies for you and your family to ensure your legacy of love and financial security. Our office is located in Santa Ana, CA but we serve all of California including Irvine, Orange, Tustin, Newport Beach, and Anaheim.
Reference: Claremont Portside “A Guide for Writing Your Will: Steps You Need to Take”