Some of the biggest changes in people's lives might necessitate a change to one's will. Comprehensive estate planning could be beneficial to loved ones when someone passes away, but if one creates a plan when they are young, they will likely want to change the terms as they age, acquire more assets and add to their family.
Situations that make it necessary to change one's will
Wills and estate planning
In California, one of the best ways to plan for the future is to create a will. Wills are legal documents that direct how a person's estate will be distributed after they have passed away. Without a will, the distribution of a decedent's property will be conducted by a probate court. This could mean that a person's last wishes for their property and possessions will not be considered in the distribution.
Estate planning and trusts in California
People who are deciding how to handle their estates may have heard of trusts but may be uncertain of exactly what trusts do. Because their uses are diverse, there are also many different types of trusts available. The type of trust a person may choose to establish will largely depend on the goals they are seeking to accomplish.
The importance of writing a will
It is very important for every adult who resides in California to have a legal will prepared because without one, the decedent's assets will be automatically distributed by a court according to the state's laws. In most cases, the assets will go to the decedent's nearest relations, such as a spouse or a child. This can be problematic for some families, and it may also incur unnecessary costs.
When should someone change a will?
As many California residents may know, life events may necessitate changes in a person's will. This may be done by rewriting the original will to ensure that the decedent's wishes are followed. Knowing when a will needs to be changed and keeping it updated is important.
