The Importance of Having a Will or Trust

The Importance of Having a Will or Trust

The death of a family member can be devastating. Not having a will or trust can make matters worse, and put a family’s future at risk. Today, almost half of Americans do not have a will or trust. Not having a will or trust can cause a great amount of grief when it comes to memorial decisions, division of assets and child custody.

The two most common justifications for not having a will or trusties cost and the feeling that it is not “needed now.”A common misconception is that a will is only about allocating money, but there are other reasons why a will is important. Wills establish guidance over houses, cars and other physical assets. Wills and trusts also establish the future ownership and responsibility of items of emotional significance such as digital photos, emails, files, and social media profiles. Wills also clarify your wishes for your pets.

If you die without a will, also known as "intestate", rules of the law apply. In other words, the court will decide all matters of distribution for you. If you are intestate, the following may happen to you:

If you are survived by your parents and you do not have a spouse or any children, your parents will generally receive all of your assets.

·        If you are survived by a spouse, your entire estate will pass on to your spouse.

·        If you are survived by a spouse and children, the courts will determine how your estate will be divided among your spouse and children.

·        If you die and you are survived by brothers and sisters, and you do not have a spouse, children or parents, your estate will be divided equally among these brothers and sisters.

Wills and trusts make sure assets are passed on to the right people, valuables are taken care of and families do not face unnecessary disputes.

Now is the right time to ensure the safe and proper distribution of your assets to members of your family. Attorney Search Network can help you find a qualified estate planning lawyer that can assist you with wills and trusts. An estate planning lawyer can help you determine what your estate planning goals should be and how to execute your wishes.

Camilo's Background:
Camilo Concha, is the founder of Attorney Search Network, a  Lawyer Referral Service in California certified by the California State Bar and meets all the American Bar Standards as a  Lawyer Referral Service. Attorney Search Network has been in business for over 11 years.