Do Wills Really Matter?
Of course they do. Preparing a last will and testament enables the proper disposition of your property after death. The amount of your assets, property, and whether or not you have minor children, determines which estate planning documents you need to draft click here to investigate.
The Benefits of Writing a Will
There are many benefits to writing a will. After all, do you want someone else to decide who gets your property and possessions after your death? If you die without a will or a living trust, your assets will be distributed to your heirs according to the law.
If you have a properly drafted will you can make gifts after your death, authorize the sale of your real estate without court proceedings, decide who bears tax burdens, and most importantly- decide who will be the guardian of your minor children. If you don’t have these important documents in place, your family and heirs lose control of managing your estate.
Does a Will Cover Everything?
A will does not cover everything. It affects only those assets that are titled in your name at the time of your death, and for which there are no designated beneficiaries. The following assets are not affected by a will:
- Life insurance policy
- Retirement plans
- Assets owned as a joint tenant with right of survivorship
- Living trusts
- Your spouse’s or domestic partner’s half of community property
- Community property with right of survivorship
- “Transfer on death” or “Pay on death”
Can I Write a Will Without A Lawyer?
Although you can draft a will on your own, an experienced estate planning lawyer will ensure that your will conforms with state law. An attorney will also make any necessary suggestions, and help you understand the many different ways that assets can be transferred, or how to best benefit your beneficiaries.
A trusted estate planning lawyer can also help you create alternative plans that might save tax dollars, which can be extremely helpful and economical in the long run.
No matter the type of will you use it should be yours and yours alone. Do not have a joint will with your spouse or anybody else. Most states have unique laws about what constitutes a valid will, and legal stipulations on how one should be executed. Always exercise caution if you write a will using a drafting kit or software program.
It takes many years of experience, training, and an understanding of law to properly draft a will or a trust. If you’re ready to begin planning your estate and seek legal expertise, please contact Brillant Law Firm today.