Wills

Wills just may be the most vital piece of your estate plan, even if your estate is a modest one. If you care about what happens to your assets when you die, you may need to do some planning.

A will is a legal document that lets you direct how your property will be dispersed (among other things) when you die. It becomes effective only after your death. It also allows you to nominate an estate executor as the legal representative who carries out your wishes. In addition, in many states, your will is the only legal way you can name a guardian for your minor children.

Without a will, your property will be distributed according to the laws of your state. The laws of your state also govern the validity of a will. Even if you're young or your estate is modest, you should always have a legally valid and up-to-date will. This is especially important if you have minor children because, your will is the only legal way you can name a guardian for them. 

Although a will doesn't have to be drafted by an attorney to be valid, seeking an attorney's help can ensure that your will accomplishes what you intend. With the assistance of an attorney here is some of the things a will, will accomplish:

Wills avoid intestacy - That is, with a will you get to choose who will get your property, rather than leave it up to state law.

Wills distribute property according to your wishes - You can leave your property to a surviving spouse, a child, other relatives, friends, a trust, a charity, or anyone you choose. 

Wills allow you to nominate a guardian for your minor children - You can name a personal guardian, who takes personal custody of the children, and a property guardian, who manages the children's assets. This can be the same person or different people. 

Wills allow you to nominate an executor - With a will you to designate a person as your executor to act as your legal representative after your death. An executor carries out many estate settlement tasks.

Wills can create a testamentary trust - You can create a trust in your will, known as a testamentary trust, that comes into being when your will is probated. Your will sets out the terms of the trust, such as who the trustee is, who the beneficiaries are, how the trust is funded, how the distributions should be made, and when the trust terminates. This can be especially important if you have a spouse or minor children who are unable to manage assets or property themselves.

Wills can help minimize taxes - Your will gives you the chance to minimize taxes and other costs. For instance, if you draft a will that leaves your entire estate to your U.S. citizen spouse, none of your property will be taxable when you die. 

The best way to gain all the benefits from a will is to contact an attorney to assist you with the creation.

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