FAQs About Making A Will

1. FAQs About Making A Will There are probably tons of questions you have when it involves making a final will and testament, or maybe a legal document. The better informed you are, the easier it will be to make the proper decisions. What Happens To My Estate If I Don’t Have A Last Will? If you die without a last will and testament, your assets will need to go through probate court. As a result, the court will decide the way to distribute your money and property. Because there's no legally binding will documenting your final wishes, the way the court distributes your assets could also be completely contrary to your intentions. Keep in mind, these laws vary from state to state. In some places, a person’s assets are going to be given to their spouse before anyone else. If the person doesn't have any family, the state may take possession of their assets. Getting a will is so important, because it helps make sure that your lifetime accumulation of assets you worked so hard for are passed on to the ones you love. What Is Minimum Amount Of Assets To Make A Will? There is no minimum amount of cash or assets required for somebody to create a will. But you should remember that there could be estate taxes related to the distribution of your assets depending on the size of your estate.

2. This is one more reason why it’s so important to hire a lawyer. An experienced professional can help you avoid these taxes so that the value of your estate is preserved and passed on to your loved ones the way you intended. Should I Hire A Lawyer To Create A Will? Yes, it’s best to hire a lawyer to make your will. Will and estate law is complex. You need to make sure the document is drafted properly and is legally binding so that your beneficiaries receive your assets. If a will is drafted improperly, it is far more likely for legal complications to arise following your death. One of the biggest reasons to hire a Will Lawyer to draft a final will is to make sure that it's legally enforceable. An experienced will attorney is going to be ready to handle everything for you including the drafting, signing, and the required notarization to make the document legally binding. Is Having A Will Drafted Expensive? Everyone’s estate planning needs are different, so there's not a 1 size fits all price related to a will. Additionally, some lawyers charge by the hour while others charge a flat fee. It’s usually best to line up an initial consultation with an attorney in your general area. This enables you to get all of your questions answered and build a rapport with your attorney. It also gives the attorney the chance to know the complexity of your estate so that he can offer you an accurate quote on the value of your will.

3. Can I Change My Will? One of the advantages of a will is that you can change it at any time before your death. As a result, you can add or remove assets at any time. You can also change who you want to receive your assets and how much. When amending a will, you should always use a lawyer to ensure the changes are legally binding. How Often Should I Update My Will? You should consider updating your will if you marry, divorced, have children or new grandchildren, or if you purchase a new asset such as a house. All of those are common life events that typically spur people make changes to their will. Additionally, you should review your will at a minimum every few years. What Does An Executor Do? The executor of your will, also referred to as a personal representative in some states, is a person you trust that you designate in your will to settle your estate and distribute your assets to your beneficiaries after you pass away. It's really important that you choose someone you trust for this duty. How Are A Power Of Attorney And A Last Will Different? There are variety of differences between a last will and testament, and a power of attorney. A last will details what you want to have happen to your assets after you die.

4. A power of attorney can designate who you would like to have the power to make financial and medical decisions on your behalf. Usually it’s best to have a last will and testament, medical power of attorney, and financial power of attorney. Where Should I Keep My Will? It is a good idea to keep your will in a place that is secure, but that your executor can find if the necessity arises. Confirm that the person you named as executor in your will knows exactly where it is after you finalize the details in your will. Author Smith Clea Rochester Law Center