Who would inherit your estate if something happened to you?
It can be difficult to think about the end of life, but it’s necessary if you want to make sure your assets go to the right person or people.
Types of Wills
A last will and testament is a legal document that takes effect upon death. It provides instructions regarding the distribution of assets, designates an executor to carry out a person’s wishes, and manages financial affairs. Wills can protect assets and inform survivors on how to administer an estate. There are three types of wills that are often the foundation of any solid estate plan:
- Simple will – This will is designed for those with simple estates, a small number of assets, and a straightforward designation of beneficiaries; it allows for the identification of a guardian for children if both parents pass. This is the most common form of will.
- Complex will – Though similar to a simple will, this type of will offers extra features such as testamentary trusts or disability trusts. A complex will may be a good fit if you:
- Own valuable assets where estate taxes will apply
- Want to establish a special disability trust for a disabled child
- Have a beneficiary that is likely to receive $500,000 or more
- Have a former spouse
- Own a business
- Want to set up a trust for your children that allows them to receive a certain amount of money after a certain age
- Living will – This document allows people to state their preferences for end-of-life medical care; it is often used when someone becomes unable to communicate their decisions. This document is also known as a Directive to Physicians or an Advance Directive.
The Importance of Drafting a Will
Administering an estate in which a will is present is vastly preferable to dealing with an estate without one. Without a valid will, you risk becoming an intestate. This means that the intestacy laws of your state will determine how your property is distributed in the event of your passing, including any bank accounts, securities, real estate, and any other assets you own. With the help of an estate planning attorney, a properly drafted will can mitigate this risk, minimize family disagreements, and help your loved ones avoid a will contest that leads to a court meeting.
A will is important for all individuals and families, regardless of age, health, or the size of your estate. This document can also reduce the expense of probate and minimize estate tax liability. By drafting an enforceable will, you ensure that your assets are rightfully inherited and controlled by the individual or party you choose.
A Will Attorney Can Help
The input of an experienced estate planning attorney is essential if you want to continue to financially provide for your loved ones in your absence. Our attorneys provide you with thoughtful recommendations, honest answers to your questions, and the facts and legal options you need to make wise decisions — your final gift to those you love most.
Protect your estate in life and death; contact a will attorney today.
For extraordinary legal representation that expresses your wishes and minimizes estate taxes, contact Lovelace Law, P.C. to schedule your free initial consultation with a will attorney.