A Will is a document that designates the persons who will receive your estate and in what proportions upon your death. It also addresses who will oversee the administration of the estate if probate is required and addresses issues such as guardianship of minor children and management of assets left to minors. It’s very important to discuss this first with a legal professional to ensure you are not leaving yourself, your family, business partners, etc. vulnerable in the unfortunate circumstance that you pass away.
Your estate includes all the assets that you’ve accumulated during your lifetime. It includes real estate, bank accounts, stocks, bonds, retirement plans, vehicles, household goods, personal effects and anything else that you own or control such as life insurance or your business.
There may be events in your life such as an accident, chronic illness or debilitating condition that prevent you from managing your own finances. Anticipating these situations and making calm decisions now rather than under stress will help others make informed decisions on your behalf. If you wait until it’s too late, it may be necessary to have an expensive and time-consuming court proceeding to designate someone to manage your finances.
If you have a clear plan of what you have, to whom it goes and in what proportions, that can reduce problems, costs, and taxes, and can ease the burden of your death on your loved ones.
Probate, the method by which your estate is administered and processed through the legal system after you die, can be overwhelming. A complete estate plan can minimize the probate process. However, probate doesn’t present the same issues in every state. Consult an Estate Attorney in your state to understand your state’s specific laws.
First, if you don’t explain your wishes clearly, there could be incorrect assumptions about what you would want and your wishes may not be carried out.
Not having a Will could lead to higher death taxes and less of your estate going to your loved ones. Whether death taxes are payable and in what amounts is dependent on who receives your estate.
Intestacy or “dying intestate” simply means that you died without a Will. Each state has a law of intestate succession – providing to whom and in what proportions your estate passes in the absence of a Will. It’s what the law presumes to be your estate plan. It can work just fine, or it can cause problems because it can send your estate to someone you do not intend, or in proportions that do not match your wishes. Here’s a common example in some states. If you have one marriage in your lifetime and have three children, intestate law gives all of your estate to your surviving spouse, and if your spouse doesn’t live longer than you, then intestate laws give your estate to your three children in equal shares. The problems come if you have more than one marriage, or if you have a divorce, or if you have step children, or if you don’t want to give your estate to your children in equal shares, and many other situations that arise in our lives.
It’s an important task, but for many, it isn’t urgent. It may also seem like a project that will take a lot of time. However, too often unexpected events can lead to an untimely death so preparing your Will shouldn’t be delayed.
Criteria should include someone who is knowledgeable and skilled at estate planning, has a good reputation in your state and has the highest ethical standards. Attorneys can be expensive but having one do your Will ensures your desires are written in a way that minimizes confusion and lets you know what your options are in various types of situations. A legal service plan may be an affordable option for doing your Will. LegalShield includes preparing a Will in its membership and our Provider Law Firm’s attorneys are qualified to do estate planning.
Whether you decide to use a legal service plan, like LegalShield’s, or hire a private attorney, don’t delay getting your estate in order by preparing a Will. It doesn’t have to be as overwhelming and difficult as it might seem. Use our list of ways to begin preparing your Will and make the
process easier.
7 Steps to Preparing Your Will
