Over the past year, death has come closer for many of us. The Covid-19 pandemic has forced us to confront the untimely passing of family members and friends and fueled thoughts of our own mortality. While it can be difficult to plan for death, there are things you should settle for your peace of mind. For instance, who do you want to inherit your property? This is something that should be clearly stated in a will. If you don’t have a will, this post will explain why you should have one drawn up by an attorney without delay.
The Difference a Will Brings
According to the law, if a person dies without writing a will, the state decides everything about their property. It also makes decisions about the care of minor children. So, what does a will really do?
Some people think that only the very wealthy or those with complicated assets need wills. However, there are many good reasons to have a will.
You can be clear about who gets your assets. You can decide who gets what and how much.
You can keep your assets out of the hands of people you don’t want to have them (like an estranged relative).
You can identify who should care for your children. Without a will, the courts will decide.
Your heirs will have a faster and easier time getting access to your assets.
You can plan to save your estate money on taxes. You can also give gifts and charitable donations, which can help offset the estate tax. Read more at Investopedia…
Clearly, a will eliminates any possibility of gray areas concerning your property for the people you love. They won’t have to make any hard decisions since you have already given direction on what needs to be done.
The Right Time For a Will
Most people assume that the time to create a will is when they are old and about to die. However, there are no laws that support this belief. You can begin working on a will as soon as described in this post:
Are you married? You need a will.
If you are married, then you need a will because your spouse is someone who is so closely tied to you that it’s important for you to put in writing whether she or he gets your assets upon your death…
Do you have kids? You need a will.
If you have kids, you need a will because your kids are likely to inherit your things if you die intestate, after your spouse, but not necessarily. This means that if you want your kids to inherit after your spouse, then you need to put that in writing so there is no room for error or interpretation by the courts. Additionally, if you don’t want one of (or all of) your kids to inherit, then that needs to be in writing…
Do you have a positive net worth? You need a will.
If you are single and don’t have kids, but you do have a positive net worth, then you should have a will…Read more at Money Under 30…
In short, if you have assets, you need to have a will. Since you have made investments and put in your hard-earned money, you probably want to have a say about each of those assets.
Documents Required For a Will
Ideally, a will enumerates all your assets and points out who should receive what. Therefore, several documents need to be used in this process, as described in the following post:
The entire purpose of a will is to distribute your assets to the people you wish to inherit your property. This is done by first identifying the property you have (referred to as assets) and then designating the people you choose as beneficiaries to inherit these assets. Consequently, you need to bring copies of any and all paperwork related to your assets to your lawyer visit. Common assets people leave to others in their will include the following:
Deeds to any and all real estate
The titles of any vehicles
Checking account statements
Savings account statements
Money market account statements
Bonds… Read more at Legal Zoom…
You need an experienced estate planning attorney to prepare your will and Meek Law Firm is here to help. Lawyer Jonathan Meek has assisted many people with their wills and he can help you as well. Call (704) 848-6335 or use the contact form on our website to schedule a consultation appointment. We look forward to hearing from you.