Wills And Estate Planning
Definition:
A will is a legal document which allows you to choose who receives
the rights to your belongings after you die. A will can
also be used to assign a guardian for your children until they are capable
of looking after themselves. Wills also allows you to choose a trusted person
who will manage the distribution of your assets, also known as an executor.
If you have not done any estate planning, your assets may
be managed by a court-appointed professional, also known as an administrator.
A will is usually in the form of a written statement and
includes names of the people you want to benefit, called beneficiaries.
When you have financial dependents, such as children, having a will can
save the expense of arguments that may come up when a person dies without
a will. Even if you own a few assets, it is worth making a will to ensure
what will become of your assets when you die.
Consequences of Wills and Estate Planning:
A will is a way for you to tell others how you would like your assets and possessions to be dealt with and distributed after you die; therefore it is common for most people to have one. Your possessions include everything you own, such as your house, vehicles, land, insurance benefits, furniture, bank accounts, investments, jewelry, artworks, etc.If you do not have a will and you die, which is known as "intestate", rules of the law apply. In other words, the court will decide all matters of distribution for you. If you are intestate, the following may happen to you:
- If you are survived by your parents and you do not have a spouse or any children, your parents will generally receive all of your assets.
- If you are survived by a spouse, your entire estate will pass on to your spouse.
- If you are survived by a spouse and children, the courts will determine how your estate will be divided among your spouse and children.
- If you die and you are survived by brothers and sisters, and you do not have a spouse, children or parents, your estate will be divided equally amongst these brothers and sisters.
What a Lawyer can do for you:
Most wills can be written quite simply. Others may be more complex and involve more people, significant assets and considerable amounts of money. These wills should be discussed with lawyers who are experts in this particular area. Estate planning lawyers can help you draft a simple will or change an existing will to reflect your financial status.Lawyer Referral Service:
Ensure safe and proper distribution of your assets to members of your family. Attorney Search Network will provide you with a lawyer that can provide you with assistance with wills and any concerns you have about allocating your estate. Your estate planning lawyer can help you determine what your estate planning goals should be.If you have any questions about the information
provided above, please
contact us
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