Estate planning is something that many California residents and those elsewhere do not fully understand. They may think that they just need a will and then their affairs will be in order. However, there are different types of wills, and the one that best fits a situation can depend on the person.
For example, if a person is not married and has no children, it is likely that he or she will want to create a simple will. This type of will can include information about who gets what after the person’s passing and designate who should act as the executor of the estate. This type of will may also be most fitting for individuals who do not have substantial assets to consider.
If an individual is married, it is possible that both spouses will want to create a joint will. This document will essentially combine both individual estates into a single estate. Often, this type of document will ensure that one spouse will obtain ownership of the entirety of the estate if the other spouse passes away. However, both individuals must agree on any changes made to a joint will in the future.
These examples are only two types of wills that California residents may be interested in creating. It is important to review all available estate planning options to determine which would work best for an individual estate. If parties do not know where to start or which planning tools would work for them, they may wish to discuss their specific details with experienced attorneys.