The importance of a will: lawyers explain its need
It may not seem necessary to have a will in place. After all, isn’t that what kinship laws are for? In reality, however, it is not that simple. The disposition of an estate is a matter that must be thoroughly discussed well in advance and put in writing with several witnesses. Without this precaution, many things could go wrong.
Although it’s easy to find a template online, they may not take into account all of the many details that go into successfully drafting a will. Lawyers are trained and educated to be able to write an airtight will that can avoid any dispute after the death of the client.
In addition to the basic question of who inherits the client’s assets, several other points must be considered. Experienced will attorneys can help determine the answers to these questions.
Who are the designated heirs?
The first and most important issue, of course, is naming the client’s heirs. In the absence of a will, the assets of the deceased pass to the relatives, with certain exceptions and provisions. These regulations vary from state to state and are easily challenged, so it is best to consult an attorney to determine who the heirs to the estate are.
In many cases, the designated heir is the deceased’s spouse, with children next in line. However, if necessary, certain restrictions can be placed on who inherits the property, and these restrictions continue for several generations. This is known as bonding and can be implemented by experienced will attorneys.
Who makes a will? Lawyers can help decide
When drafting this document, it is very important to designate an executor. This person should not be a beneficiary, as their job is to make sure that the deceased’s wishes are carried out according to the legal document. This decision should not be taken lightly; The executor’s job could take a year or more, and involves keeping careful track of all assets in the estate and their disposition. The executor is responsible for obtaining appraisals for any property to be sold, carrying out the sale, and distributing the proceeds in accordance with the will.
In addition, this person must be scrupulous in following the instructions of the deceased to the letter. Even if the instructions seem unfair, they must be followed exactly to comply with the law.
What are the tax implications?
Nothing is certain but death and taxes, as the saying goes, and taxes do not end after death. If the estate is small, the tax implications may not be a concern. However, if the decedent’s assets are worth a substantial amount, then the estate may be taxable as it passes to the heirs. This tax can be collected by both the state and federal governments. These tax regulations vary from state to state and can be very difficult to understand. An attorney can help determine how assets should be distributed to minimize tax implications and ensure that all applicable taxes are paid in accordance with the law.
It is very easy to overlook the need for an airtight legal document. However, the lack of specific instructions on the distribution of assets, especially if they are substantial, could lead to the entire estate being tied up in a long and costly court battle. Avoid this eventuality by consulting with qualified will attorneys.