Using different types of wills in estate plans

The start of a new year is often a time that people start assessing certain aspects of their lives. Though some people may not have gotten a jump-start on this assessment on New Year’s Day, there is still plenty of time to consider ways to plan for the future. In fact, some California residents may be considering their wills and estate plans at this time.

Creating a will is an important step for any adult. Even if parties choose to move the majority of their assets into trusts to avoid probate or simply for additional asset protection, having a will is still vital. This document is the only place that allows a parent to name a guardian for any minor children, and it also allows individuals to appoint an executor for their estate.

A last will and testament is not the only type of will that parties may want to consider. For example, a living will can provide information that proves useful to loved ones in the event that the person becomes incapacitated or terminally ill. This document can indicate what treatments an individual wants — such as all life-extending measures, only some or none at all — and even if the person wants to donate his or her organs.

Wills are important aspects of any estate plan, and it is immensely beneficial to understand the different types available. If California residents lack the right information when creating their plans, they may miss out on utilizing useful planning tools. Fortunately, when individuals work with experienced attorneys, they have a greater chance of creating comprehensive plans that cover all of their wishes.