Torrance, CA Wills Attorney

Trusted Wills Lawyer Helping Families Plan for the Future in Torrance, California

By planning for the future, a person can take meaningful steps to protect and provide for the people they love. Unfortunately, many people put off creating a will and do not make sure their estate plan is up to date. A will is one of the most practical and important legal documents a person can have. Without a will, a person's family may experience significant hardship after their death.

The Law Offices of Russell M. Ozawa helps clients throughout Torrance and the surrounding areas create wills that clearly reflect their wishes. Our attorney can also work with clients who already have wills in place to ensure that their documents reflect their current circumstances and will continue to meet their families' needs in the future.

Why it Is Important to Create a Will and Keep it Updated

A will can give a person direct control over what will happen to their assets and, in some cases, to the people they care for after their death. Without a will, California law will determine how a person's estate will be distributed, and this could go against what they would have wanted.

When a person dies without a will, they are said to have died "intestate." In that situation, California's intestate succession laws will govern the distribution of their estate. These laws distribute assets based on family relationships according to fixed formulas, without any consideration of the person's wishes or the individual circumstances of their family members. If a person planned to leave property to an unmarried partner, a friend, or a charitable organization, but they did not have a will, the property would go to their family members instead.

What a Will Can Address

A will can cover a wide range of important decisions that may affect the distribution of a person's estate and the welfare of the people and causes they care about most. The terms of a will may include:

Distribution of Assets

The most fundamental purpose of a will is to specify who will receive a person's assets after their death. Decisions about the distribution of assets can be as simple or as detailed as a person wishes. They may leave their entire estate to their spouse, divide it equally among their children, or make sure specific assets will go to specific people. A will can also specify that certain assets will be donated to charitable organizations.

Without a will, certain family members or other parties, such as stepchildren or close friends, will have no claim to any part of the estate. Even if a person treated someone as if they were a family member and made comments about giving certain property to them after they died, that person may not be able to receive anything.

Naming an Executor

In their will, a person can designate an executor, who is also known as the personal representative of their estate. The executor will manage the person's estate after their death. Choosing the right executor is an important decision. They will be responsible for handling the probate process and distributing the person's assets to their beneficiaries.

When a person does not have a will, the court will appoint an administrator to serve as the personal representative of the estate. This decision will be made without any input from the deceased person. By naming an executor, a person can ensure that someone they trust will be responsible for handling their affairs and carrying out their instructions.

Guardianship of Minor Children

For parents, a will can provide the opportunity to name a guardian who will care for their children in the event that both parents pass away. Without a guardianship designation in a will, the decision about who will raise a minor child will be made by a court. While courts will take steps to protect the best interests of children, the decisions made may not be based on the parents' wishes or a family's values. By naming a guardian in a will, a person can make sure their children will be raised by someone they trust.

Addressing Digital Assets

In the 21st century, many people own assets such as online accounts, cryptocurrency, digital media libraries, intellectual property, or other valuable items that are stored on digital systems. A will can address how these assets should be handled, who should have access to them, and what should be done with them after a person's death. By taking steps to address these issues ahead of time, a person can make sure access to important assets will not be lost.

When a Will Should Be Updated

A will that was accurate and appropriate at the time it was created may no longer reflect a person's wishes or circumstances years later. The lives of a person and their loved ones can change, and a will should change as well to address new circumstances. There are several situations in which a person may need to revisit and update their will, including:

Marriage or Divorce

After a person gets married, their spouse may be entitled to ownership of certain jointly-owned assets. However, extra steps may need to be taken to ensure that a person's assets will be distributed according to their wishes. Updating a will to reflect a new marriage can help avoid uncertainty or disputes, especially in situations involving second marriages or children from previous relationships.

A divorce may also provide a reason to update a will. While certain provisions of a will related to a person's spouse will no longer be valid after a divorce, it will still be a good idea to make sure the terms of a will reflect a person's wishes.

The Birth or Adoption of Children

The arrival of a new child is one of the most important reasons to update a will. Parents will want to ensure that a new child is included as a beneficiary and that the guardianship provisions in their will reflect their current family situation.

Significant Changes in Assets

When a person's financial situation changes substantially, their will may need to be updated to address the assets they own. The acquisition of real estate, the growth of a business, the receipt of an inheritance, or any other significant change can prompt changes to a will.

Changes in Relationships

Over time, a person's relationships may change. Someone who was named as a beneficiary in a will may have passed away, or a person may no longer wish to give assets to someone. Children, grandchildren, or other family members may experience changes in their lives, such as marriage, divorce, or changes in their financial circumstances, and a person may wish to update their will to make sure their assets will be distributed correctly. A person who had previously been named as an executor or guardian may no longer be available or willing to serve in that role. Updating a will can ensure that it will fit a person's current relationships.

Changes in Tax Laws or Estate Planning Goals

Tax laws affecting estates can change, and a will may need to be updated to address new legal developments. A periodic review of a will with an attorney can help ensure that a person's estate plan will help them achieve their goals for their loved ones.

Contact Our Torrance Wills Lawyer

Taking the time to create or update your will is one of the most important steps you can take to protect the people who matter to you the most. At the Law Offices of Russell M. Ozawa, our lawyer can guide you through the process, providing clear advice, helping you understand your options, and making sure the proper legal steps are followed. Contact our Torrance, CA last will and testament attorney at 626-499-4500 to schedule a free consultation.