5 Things to Know When Creating Your First Will in California
Creating your first will can feel overwhelming. You might be wondering where to start, what to include, or whether you even need one yet. The truth is, if you have any assets or people you care about, a will is one of the most important documents you'll ever create.
As a California estate law office, we help people navigate this process every day. Here are five essential things to understand before you get started.
1. You Have More to Leave Behind Than You Think
Many people assume they don't need a will because they "don't have much." But take a moment to add up your bank accounts, retirement funds, life insurance policies, car, personal belongings, and any real estate. You might be surprised by the total.
Even if your assets seem modest, without a will, state law decides who gets what. This might mean your belongings go to distant relatives instead of close friends, or your partner receives nothing if you're not legally married. A will ensures your wishes are followed, regardless of your net worth.
2. Choosing Your Executor Is Crucial
Your executor handles everything from paying final bills to distributing your assets. This person needs to be organized, trustworthy, and willing to take on significant responsibility during an already difficult time.
Choose someone who lives reasonably close to you, understands your values, and can handle potential family conflicts. It's also wise to name a backup executor in case your first choice can't serve. Don't forget to ask these people beforehand, as being an executor is a big commitment.
3. Guardianship Matters If You Have Minor Children
If you have children under 18, naming guardians in your will is absolutely critical. Without this designation, a court will decide who raises your children, and their choice might not align with your wishes.
Consider both immediate care and long-term stability when choosing guardians. The best caregivers might not be the best financial managers, so you can name different people to handle physical custody and manage any inheritance until your children reach adulthood.
4. Your Will Won't Control Everything