By Marc Empey
All of your belongings constitute your “estate.” These include your portable belongings (i.e. clothing, automobiles and cash) and your fixed property (i.e. land). When you die, all of your belongings will be placed in an estate for distribution. Therefore, you might want to contact a Palm Springs estate planning attorney to ensure that your children have a positive future.
Why should you write a will?
A will organizes the distribution of your wealth, after you die. This creates a legacy and helps you pass the family wealth to the next generation. What is your plan for wealth distribution? How will you deal with taxes?
Some estate planning attorneys can help you reduce your estate taxes legally. There are certain trust forms that allow you to perform this function.
What happens when you don’t have a will?
If you die without a will, you will leave not only leave your family without its primary wage earner, but also with tax burdens. Probate court will designate you as being “intestate,” meaning that you have no will. They are likely to nominate someone as a trustee over your estate.
This can be very difficult for your children and surviving spouse. Perhaps, you wanted to distribute your wealth in different amounts. “How can a probate court judge fulfill your wishes?”
Get Estate Planning Answers
“Could my gift of a valuable asset, require my beneficiaries to take out a loan to pay the taxes?” There are many questions, such as these, which can be very difficult to answer, unless you are acquainted with the relevant estate planning tax laws. It might be wise for you to hire an experienced Palm Springs estate planning attorney to help you prepare a will to creative a positive future for your loved ones.