Many people wonder why an estate plan is necessary. The reality is that in the unfortunate event of your death, the government already has a plan for your estate. However, that plan won't be beneficial for you and your family. Without estate planning, the court system will make crucial decisions regarding everything you own and your family's future.
An estate is a person's net worth while alive or dead. This includes a home, car, bank account, and even smaller assets. It also includes any monies that may be generated after a person's death such as a life insurance policy. The following assets are considered to be part of an estate:
Estate Planning Fresno, California
Last Will and Testament vs. Living Will
The last will and testament is an important document that is the first brick in any well-crafted estate plan. It will provide specific details regarding the dissemination of your assets. The last will and testament will typically cover the following four areas:
A will can provide peace of mind in knowing that your assets will be distributed according to your wishes. However, if you die without a will, California's law dictates that your property will go to your closest relatives beginning with your spouse and children. But If the court cannot find any living relatives, your assets will be seized by the state.
Durable Power of Attorney
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