Importance of a Will
The last thing you may want to do when your life gets going is thinking about when it ends. Creating an estate plan requires you to make plans for what happens to your property after you die.
While it may seem like a buzzkill, creating a will is not. If you go into the process armed with the right mindset and a bit of basic knowledge, the entire thing may actually assuage some of your innate fears about death. Taking care of those you love often makes you feel good, so creating a will and a plan to care for them when you are no longer able to should give you comfort.
What Does a Will Do?
A will is a legal document that sets out who you want to inherit your property. Property in this sense includes anything tangible, such as a home, and intangible, such as investment accounts. While the latter usually has a beneficiary designation who does not need to be named in your will, real estate or any other personal property should be passed down in your will. You should create a will as soon as you purchase property or have children.
Why Is a Will Important?
A will allows you to dictate who gets what and who should be in charge of things after you pass. An executor is a person you name who takes your will through probate. This designee should be someone you trust to handle representing your wishes in court and to your heirs. Another important function of your will is appointing a guardian for any children under 18 years old. Without a named guardian, children may end up in state care or with a relative you did not want them to grow up with.
What Happens If You Die Without a Will?
For someone who does not create a will, the road for heirs may prove long and bumpy. A person without a will is considered to have died intestate and may require the services of a probate lawyer such as Marty Martin Bankruptcy Law to help out with the process. The court process for finding heirs begins with a publication asking anyone who may have a claim on your estate to present themselves and make their cases. This opens the door for long-lost relatives and those you no longer associate with to benefit from your death. As such, creating a will guarantees that your wishes remain intact.
Building a plan for your future can be done with the assistance of an estate planning lawyer. This particular legal eagle has the know-how and experience to ensure that you do everything you can to secure a stable and secure passing of your estate to those you want to have it.