Where there’s a will…
Does the idea of drawing up a Last Will and Testament or estate planning make you ill at ease? Do you think Estate Planning is only needed by people with a great deal of money?
Don’t let the legal jargon fool you. Estate Planning is simply making preparation for your affairs and simplifying the issues for your surviving family members when the time comes.
Wills are legal documents to let people know your intentions concerning the distribution of your property and assets. They can reduce stress on surviving family members.
Some people think of Wills as a funeral planner, spelling out how you want your services. Wills are usually not located and read until after the funeral. A good tip would be to make a separate document spelling out your wishes and tell your executor where to find it when the time comes.
What is probate?
Probate is a legal process that takes place after someone dies. It involves paperwork and court appearances by your attorney to prove the validity of your will, inventory of your property, having the property appraised, paying debts, etc..
There are legal limitations on what you can put in your will. You cannot make stipulations on your recipients like, who they can marry or what religion they have to be. You can however make conditions on gifts like leaving money for a person’s college tuition.
Wills can be simple or complex depending on the amount of your assets, the number of surviving family members, tax liability, joint tenancy, right of survivorship, etc.
Your Attorney can help you with such things as reducing estate taxes, avoiding probate, arranging care for a surviving beneficiary with special needs and all other facets of making sure your wishes are fulfilled and your survivors are taken care of as per your instructions.
Everyone should have a Will prepared, no matter how young or how much property and assets are involved.
Your best bet is to find a trusted estate Attorney and discuss your needs and wants as to the distribution of your assets.
Disclaimer – Blog Not Legal Advice – No Attorney-Client Relationship Formed by These Posts or By Any Comments, or By Comments Replying to Comments, on This Blog.
The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. The law changes frequently and varies from jurisdiction to jurisdiction. Being general in nature, the information and materials provided may not apply to any specific factual and/or legal set of circumstances. No attorney-client relationship is formed nor should any such relationship be implied. Nothing on this blog is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction. If you require legal advice, please consult with a competent attorney licensed to practice in your jurisdiction. Past results are no guarantee of future results.