Do you have a will? Well, if you have, then there is nothing to worry about. However, if you do not have, think again, is this really the right course of action? Sure, people live longer these days (Thanks to our medical technologies), that does not mean that you will have anything to do with that.
There are several uncertainties that can take your life, leaving a situation where your children do not have a proper will to distribute your property legally. Before we start with the things necessary for a will’s planning, let us ensure that we are on the same page.
What Is A Will?
A will is arguably the plan of any real estate property. The Will includes the attorney’s financial power, medical power of the attorney, and potential trust to make the right judgment when the time calls for it.
While creating a will, the will’s creator identifies an executor; you can even say a personal representative of the real estate property. They are in charge of managing the property and taking care of the descendants’ real estate affairs.
However, most people fail to create a will because they are afraid of their morality. In fact, some people believe that creating a will is just a way of time.
If you die without creating a proper will for your descendants, you might invite intestacy laws. Learn more information on Probate Court in Georgia.
Things You Need To Know About Planning Your Will
The astonishing fact of America is that only one-third of the Americans have a will. If you are one of the Americans that are yet to create a will, do it now.
Here are the things that you need to know while planning your will.
1. What Will Happen If You Don’t Have A Will
If you do not have any will directing the laws to hand over your property to your descendant after your death, the government will have rough times going through your case and determining the rightful heir of your property. This legal process is called Intestate.
Each state has its own rule and regulation to go through Intestate and decide who gets what part of the assets.
2. Will Or Living Trust
When you are looking for an end-of-life plan, you will most likely choose a Will and a Living Trust- or most likely both. The American BAR Association has helpful questionnaires that will help you understand these two options and guide you to choose one that suits you the best.
3. Individual Vs. Joint Will
You may think that sharing your large asset with your spouse means you have to share your Will. Well, you have an option for that. But the estate planning lawyers believe that creating a separate Will is the best course of action.
Creating a joint will means that even after one spouse dies, all the assets will go in the second spouse’s name. And once the second spouse dies, the property is then distributed among the decedent.
4. Wills Require Legal Formalities
All 50 states have certain rules and regulations to make the Will valid. These laws spell out the laws’ intricacies and the number of witnesses needed to validate the will. For instance, a person has to be named by the owner of the will and give them the power to manage the property.
5. Will Is Not An Advance Care Directives
Your last Will or testament shows your intention about where you want your money and property to go after your death. Hence, be clear about your documentation and ensure that your Will does not overlap with your “Living Will.”
Once you have created your will, we would like you to suggest that you hold a meeting with your lawyers every two years to see if any law changes or any change in the Will is needed. This keeps the Will up to date.