Things You Should Know If Your Family Has A Will

If you’re like most people, you probably have a will. And if you don’t, you should. A will is a legal document that sets out your wishes for your estate after you die. It can include instructions about who gets your property and how it’s distributed. If something happens to you before you make a will with the help of a will content attorney, your family may battle each other in court over who gets what. This can be a bitter and expensive process. There are a few things you should know if your family has a will. 

For example, make sure to list all of your property and assets in the will. This includes stocks, real estate, and collections—you name it. Also, make sure to specify who gets what if there’s no will available. Finally, be sure to update your will every few years to reflect changes in your life or estate. Doing so can save lots of hassle and money down the road. 

What is a Will?

A will is a legal document that sets out the intentions of a person who has died. It is often used to decide who should get what assets after someone dies, and can also be used to appoint people to act as guardians or trustees for children or other loved ones.

When Should You Have A Will?

If you are the sole heir to an estate with at least $500,000 in value, you should have a will. You may also want to have a will if you are married or live in a state that does not have an intestate succession law.

You should have a will if you are:

1) Single: If you die without a will, your assets will go to your closest living relative, based on your relationship with you. This could be your spouse, children, parents, or siblings. If there is no close living relative, the property will go to the government.

2) Married: Your spouse is automatically entitled to half of your assets if you die without a will. If you have children from a previous relationship, they may also be entitled to inherit under your will.

3) Divorced or Separated: If you are divorced or separated and did not include provisions in your marital settlement regarding who would receive assets upon your death, those provisions would take effect as if you had died without a will. Most states allow for this type of arrangement unless one party objects.

What To Include In A Will

When you create a will, you are essentially setting up your estate plan. This document outlines who will inherit what property and money after your death. It's important to know the basics of what to include in a will to make sure it is valid and effective.

Here are some key points to keep in mind when creating a will:

1. Make sure all your assets are listed. Include any property you own, such as stocks, bonds, and real estate. Also list any money you have in bank accounts, savings accounts, and other investments.
2. Specify who will inherit each asset. List heirs in order of priority based on their relationship to you – spouse first, children next, parents next, then siblings. If there are no children or siblings, the assets go to whoever you designate as your nearest relative (grandparents, cousins).
3. Specify how much each heir is allowed to receive. This can be a difficult decision since it depends on the value of the assets and the person's need for them. Percentage rules can be helpful if you don't have enough information about each heir's needs or wants. For example, if an asset has a value of $100,000 and one heir is allowed 1 percent of that value, that heir would receive $10,000 instead of $100 when the will is finalized.

Who Can Execute Your Will?

If you are deceased and your family has a will, someone in your family must execute the will. You cannot do it yourself. If you have children, they may need to get help from a lawyer to execute the will.

Your spouse may also be able to help if they have knowledge of the will and are comfortable with executing it. However, if your spouse is not able or willing to participate in the will-execution process, then one of your children may need to step in.

If no one in your family can or wants to execute your will, then the courts can step in and appoint an executor who will carry out the wishes of the deceased person's estate.

What happens if you don’t have a will?

• If you don't have a will, your properties will be distributed according to state law. This means that if you are married, your property will be divided between you and your spouse. 
• If you are not married, your property will go to your children first, followed by your parents, then siblings, and finally grandparents. 
• If you have children who are not living at home, their property will go to their parents first. If there is no surviving spouse or child of the decedent, the property goes to the state.

Conclusion

If you are like most people, you probably assume that having a will is something your parents or grandparents did when they were young and didn’t have to worry about it. But if you are one of the growing numbers of families who have never created or updated a will, now may be the time to do so. There are many reasons why creating or updating a will with the help of a will contest attorney can be beneficial for your family, not the least of which is ensuring that your loved ones receive what they legally deserve after you die. By following these simple tips, you can create or update your will without any anxiety or stress.