Writing a Will for a New Family
The Basics of a Will
A estate plans – last will and testament (will) is a legal document by which an individual expresses their desires on how they want their property and assets distributed at the time of their passing. An individual’s will presents the names of people who they want their possessions to be passed on. The possessions will be appropriately distributed to fulfill the requests of the deceased. To guarantee your assets will end up where you want them to, it is important to have the will prepared by a professional estate planning or elder law attorney..
Who Needs a Will?
It is a good idea for everyone to have a will. Many scenarios would have benefitted from a last will and testament and could have prevented probate, assets going to unintended recipients, or assets being forfeited.
Should I begin preparing my will to ensure my possessions are secure after my passing?
If you were to ask this question to a group of people, most would answer with “yes.” Few would respond with “no.” In most cases, a will is recommended, and in other cases not required. Whether you should begin planning your will, depends on your situation. Here are some instances where you would want to have a will; if you have children under the age of 18 (minor children) or if you own any property or land.
If you are the parents or legal guardians of children under 18 and have a sudden passing, you would probably be relieved to know that your possessions and assets are being taken care of by being passed down to your kids. To guarantee the passage of your property to your children, you must create a will that records your specific wishes if you want them to be granted. If you want your kids to receive your property at a certain age, you must list who and when they shall collect your possessions and assets.
Why New Families Should Have a Will
Creating a last will and testament early on is extremely important in case an unexpected situation arises. New families who have children or are planning on having children should begin writing their wills. Life can be unexpected and should be planned for. Young parents should consider creating a will to dictate who the legal guardian for their children would be upon their passing. The will may also determine the trustee who will manage the assets to be given to the kids of the family. Planning soon is always beneficial to ensure your last wishes may be carried out.
Types of Wills
There are four basic types of wills – simple wills, testamentary trust wills, joint wills, and living wills.
A Simple will is a printed document that has the name(s) of people that the person who has passed wishes to pass their possessions and assets down to.
A Testamentary Will, is a will that places a few of your properties into a trust. A trust is similar to a will in that a beneficiary receives the possessions by having a third party determine when and how the property and assets will be allocated.
Joint Will. A joint will is developed by two individuals who agree to give their property to the other person. A more straightforward way to explain this is the person who surpasses the other in age will receive entirety.Living will. The difference between the other three wills and a living will is if the person dies the property is not distributed.
Living Will. The living will provides details on the type of medical care the individual desires if they cannot verbally communicate because of their health level. For example, if you are being kept alive via life support, you can request to be taken off life support even if you would be unable to survive without the life support.
Steps in Writing a Will
- Deciding whether to have help or to do it on their own.
- Choosing beneficiaries, the people who will receive your property and assets when you die.
- Deciding who will be put in charge of carrying out your desires. Choosing someone who can be trusted is important in this step.
- Selecting a legal guardian that will take care of your children after you have died. Some people leave behind personal letters that explain who will inherit what assets.
- Final review and updating of the will. When reviewing the contents of the will, there may be mistakes. The mistakes must be corrected and information should be updated to ensure an accurate will.
After your will is created locate a safe and secure spot to store it. Ensure your family knows where to find the will so the time spent working on it won’t be taken for granted.
Protect Your Estate and Have a Will Prepared
A last will and testament is an important document that can protect your wishes and the beneficiaries who are named in the will. Having a will prepared by an attorney, will certify the document and allow the execution of your will to go more smoothly, and reduce possible confusion.
Jeddeloh Snyder Stommes have attorneys who specialize in all areas of Estate Planning and Elder Law, and have earned a reputation of being the area’s most trusted estate planning attorneys.
Estate Planning Attorney St Cloud MN
Have your will prepared by an experienced estate planning attorney. Jeddeloh Snyder Stommes have attorneys that specialize in Estate Planning and Elder Law, especially wills, and have earned the reputation of compassionate and successful estate planning and elder law representation. Protect your family’s assets and possessions, contact Jeddeloh Snyder Stommes Today!
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