The idea of death and what’s on the other side isn’t something to think of likely, in fact, it’s often a topic that gets avoided. It’s honestly understandable, having to talk about the end and approach it is something pretty scary. But, it has to be done, especially if you own property, need to manage your finances, or are even in debt. This has to be taken care of and you need to plan out what to do before it’s your time. This is where a Will comes in.
This gives you the chance to allocate everything to your loved ones and fully plan out what needs to be done. if you’re needing to know all the basics about planning your Will and getting yourself organized then this post is for you! You need to prepare for death while you’re still living so here’s how.
So what exactly is a will?
A will is a legal document that allows you to leave your property and money to your loved ones. It is created in order for the deceased person’s wishes to be followed after their death. A Will is very important and it’s strongly recommended that everyone who owns assets creates a will. It doesn’t matter whether you’re sick, old, young, none of it matters. As anyone of anyone age who owns assets should create one.
What happens to assets when someone has died without a will?
Assets can be divided into two categories: those that are given to the deceased’s spouse, and those that go to heirs. If a spouse is not given any assets, they will usually get a share of the deceased’s estate. If a person dies without a will, their assets will usually be divided according to state law. In most states, if there is no spouse or children, the estate goes to the closest relative – whether it’s an aunt or uncle, or cousin. When you die, your property can be divided among your loved ones.
It usually is, but it isn’t always the case though. There are some cases where the property will be left to a government entity or charity. It’s not just the house that gets divided when someone dies – their cars, furniture, electronics, and other belongings can also get shared among their loved ones. It’s usually a hassle if there isn’t a will involved as this tends to create a lot of family tension. Fighting over assets due to a lack of will is very common and it has even led to lawsuits.
What are the Different Types of Wills?
There are two different types of wills, while there is this variety, some states (or even counties) may not recognize them. A holographic will is a handwritten or typewritten document that is not signed by the person who created it. It is often used to avoid probate court fees and time by transferring assets to beneficiaries without going through the process of filing for probate.
The other type is called Inter Vivos wills are those made before death. They are typically written with help from an attorney or trusted friend who helps you create your estate plan. Inter Vivos is your best option, then you know for a fact that they are going to be legally recognized by the government and court.
How do you protect your assets while making a will?
When you are making a will, it is important to have your assets protected. This includes your property and your possessions such as jewels, artwork, and other valuables.
There are three ways to protect your assets:
- Designate a beneficiary for each asset in the will.
- Place an item in a trust or a charitable trust that can be used to cover the cost of liquidating it and distributing the proceeds to beneficiaries when you die.
- If you own an asset jointly with another person, try to put that asset into joint ownership with them before you make your will so they can take care of it on their death
How do you set up your estates?
For some people, the idea of setting up their estate can be daunting. Estates are a way to make sure that you are financially secure in the future and have a place to live. Estate planning is important because it will help you protect your assets and ensure that they will be there for your loved ones when you pass away. Just like a will, your estates need to be properly planned and managed as well, this definitely should not get skipped over.
What do you need to know about state laws regarding wills?
In the United States, a will is a document that outlines how one wants their estate to be distributed after their death. It is important to know what the laws are in your state when it comes to wills. There are strict rules surrounding who can make and sign a will in most states. In some states, only the individual’s spouse or domestic partner can sign a will while in others, any person over 18 years old can make and sign one. You also need to keep in mind that each state may have its own laws and rules about wills.
The most common mistakes that people make when writing wills
The most common mistakes that people make when writing a will are not including all the necessary information, not getting legal advice, and leaving out the executor.
#1 Not including all the necessary information:
This is one of the most common mistakes that people make when writing a will. A lot of people forget to include their spouse’s name, their children’s names, and their guardianship. This can lead to confusion if someone wanted to contact these individuals in an emergency situation.
Additionally, failing to address all questions in your will could lead to issues of people contesting will or trust administration. For instance, the family could believe that the will was being made under pressure and could attempt to contest it. Alternatively, they could also question your mental and cognitive ability to draft a will if there are obvious elements that have been forgotten. This leads us to point 2.
#2 Not getting legal advice:
This is another common mistake that people make when writing a will. It is important to get legal advice before you start writing your will so you know what you need to include and what you don’t need to include in it. Without this advice, there may some major issues with getting your assets distributed to your loved ones.
Understand What Assets Are Being Transferred Into the Will
What assets are being transferred into the will? This is a question that many people have asked themselves. The answer to this question is not always clear and can be very difficult to determine. In order to understand how many assets are transferred into the will, it is important to know what assets are being transferred. These include personal property, real property, and money. Usually, as the person creating the will, you’re going to have some flexibility on what can be transferred.
How to Choose an Attorney to Write Your Will
There are many types of legal professionals that you can hire to write your will. If you are unsure of what type of lawyer to hire, there are some things you should consider. So if you’re wondering where you can find an attorney who specializes in wills, this is the information you’re going to need.
First, decide on how much time and money you want to spend on your will. Are you looking for a simple will or a more complicated one? Do you want to make sure that your estate is going in the right hands? Do you want to write a specific type of will for your children or grandchildren? You should ideally find a lawyer that solely specializes in wills. This is going to make it a lot easier for you.
