Wills and Probate
A will is one of the most common tools for those who are starting the estate planning process. Essentially, a will is just a legal document that indicates how your property and assets will be transferred after you die. While there is nothing that says that you must work with an attorney while you are writing your will, you are likely to find that there are benefits to working with one.
Probate is a legal period during which your will needs to be proven: in other words, it’s possible that your will could be challenged to determine whether or not it is an honest statement of how you want things to be divided. When you work with an estate planning attorney to create your will, you’ll be able to simplify the probate process and know that your will meets your state’s legal requirements.
You’ll also find that working with an attorney can help you if:
- You are concerned about the amount of an estate tax will be owed.
- You anticipate that there are family members who might disagree with the choices that you make.
- You want to ensure that children that you had during a previous marriage will be cared for.
- You own property in more than one state.
- Your state does not recognize a will that has not been prepared by an attorney.
What Should Be Included in Your Will
Wills include:
- Your name and address.
- A description of your assets.
- Names of your beneficiaries – your spouse, your children, charities that you wish to support, friends and others, as well as alternates in the event that the beneficiary were to die before you.
- Any specific distribution of your assets that you want made. Whether you want to be sure that a family heirloom is passed to your oldest daughter or you want your youngest son to have the car, if there are specific gifts you should name them in your will.
- Information about the establishment of trusts (if they have been made).
- Name of an executor for your estate as well as the names of guardians for your minor children.
- Your signature and that of the witness or your attorney.
The more specific that you are while writing your will, the less likelihood that there will be confusion later on.
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