Wills and Estate Planning Law

Wills and Estate Planning Legal Issues

Wills and Estate Planning Law:

A will is a legal document which allows you to choose who receives the rights to your belongings after you die. A will can also be used to assign a guardian for your children until they are capable of looking after themselves. Wills also allows you to choose a trusted person who will manage the distribution of your assets, also known as an executor. If you have not done any estate planning, your assets may be managed by a court-appointed professional, also known as an administrator. A will is usually in the form of a written statement and includes names of the people you want to benefit, called beneficiaries. When you have financial dependents, such as children, having a will can save the expense of arguments that may come up when a person dies without a will. Even if you own a few assets, it is worth making a will to ensure what will become of your assets when you die.

Estate planning is the process of making plans for how you would like to transfer your estate after you die. Your estate is made up of all the property you own. This includes houses, cars, cash, clothes, jewelry, land, investment and savings accounts, retirement benefits, etc. Estate planning makes sure your estate is transferred to your beneficiaries, that you pay the least amount for your estate, and that you can assign guardians for minor children, if applicable.

Wills and Estate Planning Legal Issues:

A will is a way for you to tell others how you would like your assets and possessions to be dealt with and distributed after you die; therefore it is common for most people to have one. Your possessions include everything you own, such as your house, vehicles, land, insurance benefits, furniture, bank accounts, investments, jewelry, artworks, etc.

If you do not have a will and you die, which is known as "intestate," rules of the law apply. In other words, the court will decide all matters of distribution for you. If you are intestate, the following may happen to you:

  • If you are survived by your parents and you do not have a spouse or any children, your parents will generally receive all of your assets.
  • If you are survived by a spouse, your entire estate will pass on to your spouse.
  • If you are survived by a spouse and children, the courts will determine how your estate will be divided among your spouse and children.
  • If you die and you are survived by brothers and sisters, and you do not have a spouse, children or parents, your estate will be divided equally amongst these brothers and sisters.

If you do not use advantage of estate planning, such as by making a will or establishing a trust, your state will have a legal process in place for determining who will inherit your assets. Without estate planning, you can die "intestate", which means dying without a valid will. The intestacy laws of the state will then determine who inherits the assets. Each state has different laws, but generally, first your spouse and your children will inherit your property, and if you don't have a spouse or children, your parents are next in line. If your parents have predeceased you, your siblings will inherit your property. If not, next in line would be nieces and nephews.

What an Estate Planning Lawyer can do for you:

Most wills can be written quite simply. Others may be more complex and involve more people, significant assets and considerable amounts of money. These wills should be discussed with lawyers who are experts in this particular area. Estate planning lawyers can help you draft a simple will or change an existing will to reflect your financial status.

While it is possible for you to do your own estate planning, it is important to keep in mind that wills and trusts are legal documents that should be prepared with the help of an estate planning lawyer. An estate planning lawyer can help you draft a will, update a will or contest a will. An estate planning lawyer can also give you expert advice and make sure your wishes are met.

Lawyer Referral Service:

Ensure safe and proper distribution of your assets to members of your family. Attorney Search Network will provide you with a lawyer that can provide you with assistance with wills and any concerns you have about allocating your estate. Your estate planning lawyer can help you determine what your estate planning goals should be.

If you have any questions about the information provided above, please contact us. Call us toll free at (800) 215-1190 or fill out out online form for your Wills and Estate Planning lawyer referral.

If you have any questions about the information provided above, please contact Attorney Search Network.