The Importance of a Will

Without a will, the courts will divide you assets as they see appropriate. The only way to protect you wishes is to legally document them.

Although intestacy laws vary from by state, it is a general standard that the assets will be shared between the surviving spouse and children. If one is single and does not have offspring, the estate will be inherited by blood relatives.

Wills are extremely important for parents to make as they can specify who will take over guardianship of the children if the parents were to pass. By having the designation predetermined and documented, the transition for the children will be much easier as long court cases regarding custodianship will be avoided.

Adjustments can be made to a will at any time. The document is not set in stone. It is beneficial to review your will periodically to provide for any modifications which might need to be made in accordance to a new development in your life. Assess the beneficiary designations as your IRA, 401(k), pension, and life insurance policy will all be transferred automatically to the named beneficiaries upon your passing.

Even if you have a trust, you should have a will as well. The trust will only provide for specified assets such as property. It neglects the total sum. A revocable living trust is best when in conjunction with pour-over will. The pour-over will places assets into the trust even if they are not re-titled. Without the protection of a will, the assets not titled will be divided by the state.

For assistance on writing a will, please call the San Diego family lawyers of Fischer & Van Thiel, LLP at 760-722-7646.

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