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.Table of contents
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.
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.
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.
The wills become a public record after the death of the testator. Usually, the court comes into the picture after a will enters the probate process. Wills need to be filed with the court during the probate process and it’s during this time interested parties come to know about them.
The personal representative is the person appointed in the will to handle testator’s estate. The key responsibilities of a personal representative are:
You can contest a will by filing a lawsuit to invalidate it. Here are the few steps to contest a will.
The most important task you need to do after creating a will is to store it in a secure place. The safest option will be to let your attorney keep the original copy of your will. The attorney will keep your will in a safe place without charging any fee.
A will is valid until you cancel or revoke it by shredding or burning or tearing it. You need to make a new will that revokes your previous will and totally disposes of your state.
Usually, people change or update will under the following circumstances - marriage, a new baby, divorce, change of mind, new assets, new step-children, etc. You can change your will in the following ways:
Wills are of different types and these are: simple wills, joint wills, testamentary wills, living wills, oral wills, handwritten wills, etc.
A living will (also known as an advance directive)consists of instructions that need to be followed in case of medical emergency. The instructions state the kind of medical treatment the person wants to receive. On the other hand, the last will decides property division amongst the beneficiaries. The last will becomes effective after the death of the will maker or the testator.
The state laws, the kind of property you have and the type of ownership determine if your will needs to go through probate. Sometimes, it is possible to avoid the probate process and save legal fees with clever planning.
A will doesn’t expire. A will doesn’t expire if it has been properly executed and never been revoked.
A homemade will or a self-made will is legal as long as it fulfills the state’s requirements. You can type your will on a computer or write your will with a pen. Just make sure you don’t make errors and follow all the rules. For instance, you should write a will in a stable mind, you must know the reasons for making a will, you should sign the will in front of 2-3 witnesses, etc.
There is no law that requires wills to be notarized. A will just needs to be legally executed to be valid. A will needs to be notarized when you want the witnesses to sign an optional “self-proving affidavit”.
Online wills are legal and quite popular nowadays since they are less expensive. You can easily use “do it yourself wills and trusts” but this is not recommended. If you make one mistake, your family will suffer. You won’t be there to rectify your mistake. This is why it is best to consult an attorney to make a will or an estate plan.
It is tough to say if video wills are legal since most legislation is silent on the issue. Video wills or nuncupative wills are accepted in 11 states like New York, Missouri, Vermont, Kansas, Ohio, Florida, Texas, North Carolina, Indiana, Mississippi, and Tennessee.
Video wills or deathbed are valid in Washington too but only if they are from the members of US army.
Wills are state specific documents. Each state has its own set of rules. So, if you’re relocating to another state, then it’s best to get your will reviewed by an attorney once.
The cost of wills depends upon the way you decide to make your will. You can download free templates and prepare a will without paying a penny. Or, you can consult an attorney to prepare a will as per your specification. Usually, it costs between $150 and $600 to make a will. The average cost is around $375. The attorney may charge you at an hourly rate if any complications arise.
Do you need a Power of Attorney and associated estate planning documents with your will? If so, then be prepared to pay between $1000 and $1500 to the attorney.
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:
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.
An attorney can explain your estate planning options and draft your last will. You can find reliable attorneys in OVLG who can help you complete all the legal formalities without any problem.
A will comes into effect after the death of the testator. It states who will receive testator’s property after his/her death. The will also appoints a person who will be responsible for carrying out the testator’s wishes.
A trust comes into effect as soon as it has been created. The biggest benefit of a trust is that it can be used to distribute property before, after and at the time of death.
You might harbor certain misconceptions regarding a will. A layman like you might think that your heir has 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 troublesome 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.
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 bothered whether or not they would be able to handle it.
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.