Consumer law - Wills

Are you keen on ensuring that all your prized assets are placed in a safe custody after your death? Is your keenness coupled with the concern for your child's security? If that is what you are looking for, preparing a will and trust could ensure that your child doesn't get deprived of his/her rights in your absence.

You can use our services to create wills.

Once you die, your estate assets will be used to pay off your debts. A will allows you to state what happens to the rest of your assets by naming specific bequests, and stating how the residuary estate will be divided.

• What is a will?
• Why do you need a will?
• Myth associated with a Will
• Why an attorney guidance is preferable while making a will
• Glossary

What is a will?

A will is a legal declaration of what the owner wants to do with his property after his death. The owner of a property assigns one or more than one person to supervise his estate and only after the death of the testator, the property is transferred to the assigned person according to the terms of the will. The testator has got all the authority to revoke the will and change the name of the beneficiary any time prior to his death.

Why do you need a will?

According to the intestacy law, if you die without a will, the government would take up responsibility to distribute your assets among your children. The law might distribute the property according to your desires but chances are there that your wish would remain unfulfilled.

Following problems you might face if you do not have a will:

• As the property gets distributed among your children one can not specify what the others can get.
• This can lead to many serious issues as there might be a dispute among the children if they are dissatisfied by the division of the property by the state.
• There might be an arguments among themselves regarding certain items of your personal property; one of them would not like to give away a specified item to his sibling.

A will would helpful in such a situation. Even after your death you can give your children what you always thought of presenting them. This would help in the process of peaceful distribution of your property among the heirs.

Myth associated with a Will:

You might harbor certain misconceptions regarding a will. A layman like you might think that your heir have to go through a probate if you have a will, which would be too expensive to handle.

Even if you die without a Will, the court is going to distribute your asset. Going through a court procedure won't be less expensive nor easy. In other words the court process won't be less trouble some than making a will.

The administrators of your estate have to post a surety bond if you don't have a will. If you possess a Will then you have an option to choose an estate administer.

A will can do justice for your minor children: United States Intestacy Law

If you have minor children, just in order to secure their future a will is required. In case you don't have a will then the probate court, in order to secure the share of the property for your children, would set up a conservator ship. After the children attain the age of 18 they would get back their property. The court won't be bother whether they would be able to handle it or not.

If you have a will then you would know the right age for your children to pass down the property. Till then you can keep a caretaker for the inheritance on their behalf according to your will.

Why an attorney guidance is preferable while making a will?

An attorney's advice would be good, who practices in the arena of wills and trust. He would help you according to your need and would structure a plan which suits you best.

Probable conditions when you want to talk to the lawyer:

• The lawyer can provide you with other alternatives and would quench your thirst regarding any queries related to wills. A professional guidance would show you the right path and provide you with correct information.
• If you know that you are going to leave a very large amount of assets you might be subjected to estate tax. An attorney would help you to evade a partial amount of tax submission legally.
• If you don't want to name the next successor of your property rather want make a trust. Then such complex issues are best dealt by an attorney.
• If you have a question regarding ownership share in case of a small business group.
• You must make arrangements for long-term care of a beneficiary -- for example, setting up a trust for an incapacitated or disadvantaged child.
• If you have an attorney while making your will then there would be less fear of contesting your will on grounds of fraudulence. A witness of the lawyer would deliver you out of this problem.
• If you wish to disinherit someone from your property and transfer the succession to someone else then an attorney can show you the correct legal procedure.

You would feel more confident if a lawyer reviews your will, if you have any legal complications then he will be able to tackle it.

Glossary:

• Testator - a person who makes the will
• Beneficiary - A person or entity named in a will or financial contract as the inheritor of property when the property owner dies.
• Intestacy - When a person dies without a will, the government will assume responsibility and determine the method by which assets will be divided.
• Probates - The legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person's will or the estate of a deceased person without a will.