Regardless of your economic status, you need a will to ensure the financial future of your family upon your death. You want to make sure that everything you’ve built for so many years, including the business you run successfully, will be transferred to your loved ones only. This is one reason why you should get your will drafted as soon as you can.
However, you should remember that a will is a legal document that’s governed by the estate planning laws of your state. In other words, there are things you should know and consider when dealing with this document. Check them below.
Making A Will Requires The Assistance Of A Lawyer
Every person involved in making a will needs the assistance of a lawyer. Even though it might not seem to be an area of expertise, a will is a legal document and one that requires the assistance of an attorney. If you make a will and leave your assets to the state, they can take those assets away.
Your lawyer can review the documents to ensure that they’re properly handled and that there are no mistakes made during the process. They can also help you draft a will that’ll protect your assets from creditors and other third parties. There are laws that govern wills and the way they’re executed, but you should contact a legal professional as soon as possible if you want them to work with you.
For example, if you’re married or have children, you might want to consider leaving some or all of your personal assets to them. It’s a good idea to make a will that states that your spouse will receive a certain amount of money as an inheritance. It’s also important that your will states that your family will be taken care of after you die and that any property you’ll leave behind will be managed by your family. This will ensure that your family can handle any financial burden after you die. In doing so, it’s important that you get help from an experienced lawyer if you want to make sure that your wishes are carried out properly.
Also, if you’re making a will for the first time, talking to a reliable lawyer allows you to understand the true costs of having this document ready. Nowadays, drafting a will can be done on your own through the help of reliable technological platforms. But, if you want to ensure you’re making the right designations in this document, you can always ask the lawyer’s advice.
The Will Must Go To Probate Court
When the will goes to probate, it means that your estate will soon be settled. It’s an arrangement in which your personal property and assets (other than the mortgage and the taxes) are divided between your heirs and legal representatives. If this weren’t done, there could be problems later, such as if one of your heirs became mentally incompetent and won’t be able to care for the estate on their own.
Remember, the probate court is where the last will and testament is signed. The executor you designated, also known as the administrator, will be the one to take care of all things related to your death, including the funeral service. After this is over, the estate and the other assets will be taken over by your family or friends.
Your Will Is Considered A Public Document
After your death, your will must be filed in the probate court. From there, this document becomes a public document. Typically, a will must show up in a probate court, which is a court of law that handles wills and last wills and testaments. It’s in that court where you make your will available for their inspection.
Your will is intended to become a public document no matter what your issues are. Even if you make a will and leave someone out, they may have the authority to obtain the file and review the papers in court.
You Need To Follow Some Legal Formalities When Making A Will
The processes involved in making a will varies from one state to another. But, one thing is for sure, and it’s that your will requires some legal formalities before it can be valid and binding. For example, there are states that require the presence of a certain number of witnesses and their signatures on the will. In some occasions, the court will require the witnesses’ presence before them prior to allowing your will to go to probate.
Thus, without these formalities, your will may not be given full force and effect by the probate court that handles the settlement of your estate. To ensure your family will not face challenges about your will, check whether you will follows the formalities required for its validity.
Indeed, having a will as early as now is crucial. It’s one of the best estate planning strategies you can take to ensure all your assets are distributed accordingly when you’re gone. If you pass away without a will, the distribution of assets will be determined by law, and the result is something you and your family may not like.
Therefore, if you consider drafting a will now, keep this article in mind so you’ll know what to expect from start to finish.