Estate Planning Is A Must Before You Say Bye!

Estate Planning Is A Must Before You Say Bye!

Well, no one likes to think about dying! But death is as a big reality as living or birth is. There are numerous reasons to prepare for this inevitable incidence by setting up a plan to distribute your estate after you're gone. After all, you don't want your near and dear ones fighting for a right to your property after your death.

A will is perhaps one of the most common forms of succession plan to specify the division of one's property after the death. The one designated to receive property under a will is called a beneficiary, while the one who makes is called a testator. A testator has the right to change his or her will any number of times during his or her lifetime. One can also include as many kinds of instructions one wants in a will. It may dictate the successive ownership of specific items such as furniture, artwork, jewelry, automobiles, pets etc. A will may also define a guardian who will take care of minor child/children and property, in case there is no surviving parent.

The testator may also use his/her will to disinherit a child from any part of his/her property. According to California, San Diego Estate Planning Law, a person has to be at least 18 years old in order to make a legitimate will. Furthermore, the testator should have a sound mind and no mental disability from understanding the full nature of the document he/she signs. According to Estate Planning San Diego, three types of will are legitimate. One, which is handwritten or a holographic will, provided all the sections of the will are written solely by the testator. A holographic will doesn't have to be notarized or witnessed; it's enough to undersign a handwritten will.

As per Estate Planning San Diego, California, the second form of legal will is the one in "fill in the blanks" form. These forms are designed for people with modest estate. They can be easily acquired from the California State Bar. And third form of a legitimate will is the one which is prepared by a third party or a lawyer. The testator may seek the advice of a lawyer regarding various estate aspects and the tax consequences. It is required that the testator undersigns this kind of will in the presence of two witnesses who are not beneficiaries in the will.

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