A will is a legal document containing instructions regarding the division of property and wealth in the event of your death.
Will is not mandatory While it is not mandatory for everyone to instate a will, it is a critical document for court judgments on asset distribution. Signatures of the compliant and witnesses authorize a will.
Why you need a Will?
In case you don’t have a will, intestate succession laws address which family members are to inherit your property and in what proportion.
Usually, the spouse is the default successor.
Parents and children also hold precedence to inherit property as per the State laws.
However, if you want to clarify the names of executors, donate money or estate to charities and schools, or forgive debts, it is highly recommended you prepare a will.
A will also help you protect your children if they are not of age during your demise. You can assign guardians for them and create trust funds.
In case you have an unmarried partner or step-children, they are not entitled to assets and property by State laws.
The legal binding also safeguards your estate’s rights so that it does not pass as state property.
Why its good to contact a lawyer?
Consult estate planners and property lawyers to clarify any questions regarding how to proceed with the documentation.
Asset evaluation and proportionate distribution require knowledge regarding your property, where experts are useful.
Attorneys can guide you in the following –
- Preparing and authenticating the will and trusts.
- Managing or modify existing trust funds.
- Reducing estate taxes.
- Avoiding probate (living trusts, beneficiary designations).
Lawyers also uphold the rights and claims in the will following your demise.
They ensure the protection of your wishes, and no interpersonal conflicts are arising during your property and estate distribution.
If you have a positive net worth, which exceeds $100,000, it is advisable to prepare a will on consulting a lawyer.
Search for trust and estate planners and property lawyers following their area of expertise and professional experience.
Use the internet and the State Bar Association for your aid. Ensure the attorney you sign with are certified and hold valid license and registration.
You may find their membership listed in local, state, or national associations.
Authenticate your lawyer’s credentials and ensure you understand the retainer.