Many people think that creating a will is a one-time process. However, there are numerous reasons why you may want to update or even redo your will. Knowing when to revisit this vital estate planning document can protect your cherished assets as well as the interests of your heirs, which is why Forbes recommends updating your will when the following circumstances apply.
Most in Westminster have probably heard it said that people should avoid probate whenever possible. That is because the cost of going through probate is taken from the estate's assets, thus limiting that amount that is left over to be dispersed to one's beneficiaries. Yet that does not necessarily mean that probate is a bad thing. Truth be told, the probate court can offer a personal representative a great deal of assistance in administering an estate. One such resource is a probate referee.
The excitement Westminster residents feel every payday may often be slightly tempered by the knowledge that Uncle Sam is going to take his share. Taxes are an unavoidable aspect of life, yet does the same hold true in death, as well? It is true that there is indeed a federal estate tax. The prospect of having a portion of their hard-earned estate assets going to the government may be downright disheartening to some. Yet not to worry; there is a way for people to avoid having to pay the estate tax.
As you begin to experience personal and professional prosperity in Westminster, your thoughts should turn to estate planning. The most common reason cited by those who come to see us here at The Law Firm of Lan Quoc Nguyen & Associates as to why they wait so long to begin such planning is that they do not want to consider the prospect of their own deaths. While that concern may be understandable, there is danger in waiting too long. If you keep putting this important process off, you could end up dying without a will.
While modern custom in Vietnam is typically not to make a will, the case for Vietnamese families living in California is not the same. A clear-cut will is necessary to ensure the wishes of each person is followed in distributing his or her assets following death.
Like many families in Westminster, yours may share a strong emotional bond that has been built up over decades of loving interactions. That bond may be strengthened even further if you all happen to work together in a family business. Yet few appreciate just how much such a bond can be tested when the topic of business succession comes up. You might think that your family members will be able to come to an amicable agreement regarding your business' management once you are no longer involved with it. However, disagreements can quickly arise over business interests in even the most tight-knit of groups.