There is a frequent misperception that estate planning is for the über rich. That is not true. It is a given that if you earn and spend, you'll accumulate some material goods. If you pass away without making a will, your assets will be dispersed in accordance with the laws of your state. In addition, any young children you may have are included in this, not just your material things. You need to engage a Los Angeles Estate Planning Lawyer to deal with the situation.
It is, thus, necessary to plan about what would happen to your possessions in event of your death. Statistics reveal that only roughly 30-35 percent of Americans possess a will. You require to think about estate planning to safeguard the security of your loved ones when you are not there to take care of them.
Whose wishes must be carried out by a will?
Listed below is a fast reference guide.
1. Your complete name and date of birth
2. Information on the individuals who will receive the assets, such as their full names, dates of birth, and addresses
3. How much funds you have in the bank and what you owe
4. The details of who receives what
5. The name of the executor/administrator of the will.
The next item to evaluate is what comes under the category of your assets. A person's will determines how they will distribute all of their material holdings. Real land, vehicles, money, bank accounts, safe deposit boxes, jewelry, furniture, and other heirlooms are all included. Whatever looks worthy is proper to be included in your will.
An added advantage of making a will is that you can safeguard the future of your young children with its help. Nothing more complicated than naming the person who will step in to care for your minor child in the event that you are no longer around to do so. You could even leave some percentage of your property towards the child's upbringing.
Another prevalent misunderstanding is why hire a Los Angeles Estate Planning Lawyer when you can do it yourself. Your will can be drafted in any way you like. However, without the support of a skilled legal professional it may contain defects like inaccuracies and omissions. In the eyes of the state, a will like that is unconscionable and would never accomplish its stated goals.
You can distribute all you possess as per your wishes with the use of a will. This is something that would be permitted in the vast majority of states. However, the state authorities would not permit giving effect to something like destruction of your property in case something occurs to you. In order to draft an effective will, you should consult a Los Angeles Estate Planning Lawyer.
If you need assistance with the procedure, you can turn to any of the skilled Los Angeles Estate Planning Lawyers. To ensure that the will was correctly drafted, checked for mistakes and omissions, and then legally filed, he or she would be the best person to handle the task of drafting it.
With a wide range of services, McKenzie Legal & Financial can assist you in making informed decisions and moving forward. Our financial and estate planning services can assist you in making the most of your life's work while also increasing your retirement savings. Thomas L. McKenzie, a licensed Financial Consultant and a renowned Los Angeles Estate Planning Attorney, works across a broad range of topics to ensure that your ultimate wishes are carried out in the manner in which you desire them to be carried out.
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