What is Will Estate Planning?
Will Estate Planning is the process of drafting a will and other estate planning documents. It is a document that dictates who will inherit your property and possessions after your death. A person may have a will to specify who should get their property and possessions, or they may not.
It is important to note that wills can be changed at any time. The most common reason for making a will is because it ensures that the person’s wishes are followed in regards to their estate after they die.
Process of Creating Will Estate Planning
A will can be created in any form that meets the requirements of the law. The most common forms are handwritten, typed, or written on a computer. It must be signed by two witnesses, who must not be beneficiaries of the will.
In order to make a will, one must have the mental capacity to understand what they are doing and the property necessary to distribute. The testator is the individual who creates the will. The person who administers the estate is called the executor or executrix and has legal responsibility for carrying out the testator’s wishes.
The process of drafting a will can be overwhelming and difficult to understand. This is why it’s important to work with a will and estate planning notary public who specializes in wills and trusts.
Estate Planning Includes:
- Drafting a will or trust
- Naming executors and trustees
- Determining beneficiaries and their share of the estate
- Protecting against creditors and lawsuits
Why is it Important to Have a Will?
Below are some points describing why will estate planning is important:
- Unwanted Inheritors Are Avoided Through Estate Planning.
- Having a will can ensure that your children have a secure future after your death.
- Estate planning notary service can save you from a lengthy probate process and huge probate taxes.
- Will can help you in avoiding a family dispute.
- You can start making funeral arrangements, which will relieve your loved ones of the stress of your death.
- Will Estate Planning ensures you that your assets are protected and distributed according to your wishes.
Top 7 Reasons to Draft Your Estate Plan
When it comes to estate planning, the process can be a bit daunting. There are many factors to consider and a lot of decisions to make. However, if you take the time to understand your situation and what is important to you, then drafting an estate plan can be much easier.
Here are the Top 7 Reasons Why You should Invest Your Time to Draft Your Will Estate Planning
1. Avoid Probate
A probate is a process of certifying a dead person’s will, valuing their assets, paying their final debts and taxes, and transferring the remaining assets to their beneficiaries. The most common reason why people go after an estate planning attorney is to avoid probate. For the vast majority of people, avoiding probate is a very good reason to create an estate plan, and it is relatively simple to do.
2. Minimize Estate Taxes
The second reason to make a will is that it permits you to reduce your estate taxes. When it comes time to pay estate taxes, the value of what you give away to family members or charities will lower the value of your estate.
3. You Have Control Over How Your Estate is Distributed
A will is a legally valid document that allows you to specify how you want your estate to be handled after your death. There is no assurance that your preferences will be carried out if you die without a will. A will helps to reduce any family disputes over your assets.
4. To Secure the Future of Your Minor Children
A will permits you to make the right decision regarding who will care for your minor children. In the absence of a will, the court will pick between family members and a state-appointed guardian. Having a will allows you to nominate the person you want to parent your children or, better yet, to ensure that the person you do not want to raise your children is not appointed.
5. Avoid Legal Challenges
If you die without a will, a portion or all of your estate may transfer to someone you did not intend. Legal challenges can be avoided by having a will and estate plan. This is the only way to ensure that your wishes are fulfilled at the time of an emergency.
6. Because Your Life Circumstances might Force You to Change Your Mind
Having a will is that you can change it at any time while you’re still alive. The will and estate plan should be updated periodically to reflect changes in your life such as marriage, divorce, the birth of a child, etc.
7. Tomorrow is not Promised
We all have to face the reality that we will someday pass away. It is inevitable and it is important to have a plan in place before it happens. To prevent additional stress to the already families, it may be wise to consult with a will and estate planning notary public to help you create a basic estate plan, at the very least cost, before it’s too late.
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