Death is inevitable. As morbid as that sounds, every individual should make time to prepare a will. This is a document that the testator prepares so that in the event that they pass on the estate executor can fulfill their wishes as they were spelled out in the will. Property should be allocated to the people who are listed in the will, and the job of an executor is to ensure that these provisions are followed to the letter. These executors are usually lawyers because they know the ins and outs of will law.
If the testator has minor children, the will can help appoint who will be their guardian, as well as what specific items each person will get. These individuals are called beneficiaries. Insurance policies and retirement accounts are not usually included in a will, as the individual should name beneficiaries when he or she writes out his or her will.
A will is important because without one the estate would undergo the probate process, which involves transferral of the deceased person’s estate to the rightful heirs, whoever the state decides they may be. An administrator is appointed by the judge handling the case to oversee the estate. The administrator works for the state and does not know the deceased or their family, so there is a chance that they may make decisions the family deems wrong while in pursuit of the law.
Steps in Preparing a Will
Some people fail to write wills because they think it is too complex a procedure. Nothing could be further from the truth. These days, one can find do-it-yourself kits that provide information on what details go into writing a will. Local libraries provide thousands of books on the subject, and one can head in there and take notes before drafting a will.
High net worth individuals usually hire lawyers because dividing large amounts of money can be complex and problematic. Some people have joint wills with their spouses, but many opponents state that this can cause problems in the event of one person dying and the other making changes to the will. Separate wills are ideal because spouses who have children from other unions can leave property to whomever they wish without having to compromise.
A will should have a witness to attest to its existence. The person creating the will should not ask a beneficiary to be a witness, because this creates a conflict of interest. If a lawyer helps in the drafting of the will, then they should not act as a witness either. Some states require that a will be notarized for it to go into effect.
Naming an executor is an easy process. It can be a family member, a business, or a law firm that the testator is comfortable with. The executor should be a person who will work to pay the bills of the individual, and work with debt collectors. The testator should also write any other tasks that they would like the executor to handle, especially if they are not normal issues.
While a will is formal, an informal letter of instruction is usually attached as well. This provides more detail about who gets what and how exactly the executor will handle the estate. Some states do not recognize this document, but it acts as a guide for questions that may come up in the allocation of property.
This article was written together with Robert Tritter, an aspiring lawyer who hopes to make a positive impact on the world. He writes this on behalf of Approved Cash Advance, your number one choice when looking for an Inheritance Cash Advance. Check out their website today and see what they can do to help you!