There are numerous estate planning documents that can be utilized, but most estate plans start with a will. In California, a will has to be created by someone of sound mind, over the age of 18 and the will must also be in writing.
What are the key functions of a will? Here are two things to consider.
1. Managing your assets
The key function of a will is to leave instructions behind on how your assets should be divided upon your death. The people or entities that inherit from your will are called beneficiaries. As your will goes through probate, it will be up to the executor of the estate to manage this. Your executor should be a trusted individual who will act in the best interests of the beneficiaries and according to your instructions.
The assets that can be written in your will include:
- Money
- Real estate
- Vehicles
- Jewelry
- Art and collectibles
- Family heirlooms
- Other tangible property
Your will can also include digital assets, which are becoming increasingly popular.
2. Guardians for your children
A will is not only about property. You can also utilize it to name guardians. These are individuals who will look after your minor children if something happens to you. Before nominating guardians, it is important to think it through carefully and ensure that they are up for the role. Remember, you aren’t limited to only one guardian, you can name backups.
A will is just one area of estate planning that you need to learn about. There are several other legal instruments that may assist you and your loved ones. Seek some guidance to find out more.