6 Important Reasons to Make a Will in 2015 (Pt. 2)
January 16, 2015
Continuing from 6 Important Reasons to Make a Will in 2015 (Pt. 1), below, we will reveal some more reasons why putting a will in place this year – if you don’t already have one – can be crucial.Here’s Why You Should Make a Will this Year 3 – To choose your beneficiariesWhen you make a will, you have the power to specifically name – or specifically not include – certain people as beneficiaries to your estate. This can be a very compelling reason to make a will, as:
You may have specific ideas of who should get what after you pass away.
You may have children from previous marriages who you want to ensure get certain assets or property.
You may have had fallings out with some close relatives and want to specifically prevent them from trying to get their hands on your assets after you pass away.
Here, it’s also important to point out that, in addition to choosing your beneficiaries, you can also set up special provisions in your will to try to minimize future disputes over it (which, again, may be a viable concern if you’ve had a falling out with a close relative who you think may try to cause more trouble after you pass away).
For example, as you make a will now, you can include provisions like “no-contest clauses” (or terroreum clauses). These clauses can specifically state that people who raise challenges to the validity of your will can be completely disinherited from it if their contests are unsuccessful.4 – To minimize future estate tax obligations
Depending on your assets and the nature of your estate, the future estate tax obligations that may be imposed after you pass away could:
- Be expensive and crippling
- Cause a significant portion of your assets, which you want to go to your loved ones, to go towards paying taxes.
However, if you make a will now, you can put certain estate planning tools in place to minimize these future tax obligations and, in doing so, save more of your assets for the people you love.
We will point out some final important reasons to make a will in the conclusion to this blog series that will be posted soon – don’t miss it!San Fernando Will and Estate Planning Attorney at the Law Offices of Darrell C. Harriman
Are you ready to draft a will and get your estate in order? If so, the trusted San Fernando will and estate planning attorney at the Law Offices of Darrell C. Harriman is here for you. For more than 34 years/three decades, our San Fernando estate planning attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important legal matters.
To get started with estate planning and learn more about your best options, contact our firm by calling (818) 892-7093 or by filling out the contact form on this page.
From our offices based in North Hills, we provide the highest quality legal services to our clients throughout the San Fernando Valley, Simi Valley, Santa Clarita and the greater Los Angeles area.