Essential Considerations of Writing a Will

If you are contemplating writing a Will you are on the right track. People frequently procrastinate about this important task until it is too late. Dying without a Will leaves a lot of red tape for family members to untangle while in the midst of grief.

Writing a Will takes very little time. Completing the task supplies peace of mind and makes the job of estate settlement much easier for relatives. There are a lot of ways to write a Will. Much depends on the type and value of assets you own.

People with small estates may find that a do it yourself Will kit is sufficient. Others might prefer using an online Will preparation company such as LegalZoom. Some will need to work with a probate attorney or estate planning service.

Wills are necessary for settling probate estates as well as estates that are safeguarded by a trust. The Will provides directives about how the estate should be settled; who is responsible for settling the estate; and the names of beneficiaries and the inheritance property gifted to them.

All estates that are not protected by a trust are required to undergo the probate process. This is the legal protocol used to ensure that beneficiaries receive inheritance items and that the decedent's estate is settled according to state laws.

If a person dies without writing a Will their assets are given to direct lineage heirs such as the surviving spouse and children. This type of estate is known as 'intestate' and requires extra time to settle.

A probate personal representative is named in the last will and is responsible for duties associated with closing the estate. If the estate is intestate, a personal representative is appointed through the court.  

Choosing a personal representative or Trustee to manage trusts is an important decision that should not be taken lightly. Managing assets held in a trust is usually easier than settling probated estates.

Personal representatives are responsible for acting as the fiduciary for the estate and need to be trusted to make financial decisions for the good of the estate. At times, personal representatives need to act as a mediator if family disputes over inheritance arise. If family discord is present it's best to hire a lawyer to act as the estate representative.

When a person's estate is valued at $100,000 or more it might be beneficial to establish a trust. Any estate assets that are transferred to a trust are no longer part of the estate and therefore avoid having to pass through probate. Property held in trusts is usually transferred to beneficiaries within 30 days.

There are several benefits to transferring property to a trust. Property is usually exempt from inheritance and estate taxes. Assets can be quickly transferred to beneficiaries, and the Will remains private.

Probated Wills are a matter of public record. Anyone who wants to read the Will can go to the local courthouse and request a copy. If privacy is a concern, it's best to utilize a trust.

Writing a Will is vital when a person is responsible for the welfare of a minor child. Wills are used to designate a legal guardian for minor children. If a person dies without a Will, their children could end up in foster care while relatives hire a lawyer to gain custody. 

The only way to guarantee inheritance property is transferred to the people you want to have it is to consult with a probate lawyer or estate planner. Professionals can help individuals decide which estate planning strategies are most appropriate for their personal situation.