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A Will tells the world who is to inherit your
property when you die. It also tells the world who you want to be in
charge of your estate when you die. The Will can also name a guardian
for your minor children. The Will can also set up a testamentary trust.
In most states, if you die without a Will, the State determines who
will inherit your property.
| Can I prepare my
own will? |
You may, but a Will should be formal and
prepared by an attorney who represents you. The attorney can assure you
that the will is properly prepared, witnessed and that it will
distribute your estate as you wish.
A Will may not cover everything that you own. A
Will does not cover joint tenancy assets. A Will does not cover assets
for which a beneficiary has been designated, such as life insurance and
retirement plans. A Will does not cover assets held in a trust.
A Will does not keep your estate out of court.
If you have substantial assets in your name alone at the time of your
death then your estate must go through probate. Probate is a process
where your estate goes through court proceedings. In an uncomplicated
estate, this process can take between six months and one year. The
costs vary depending on the complexities of your estate. Generally they
fall between two percent to ten percent of the estate. There are
various ways to avoid probate. My office can advise you on ways to
avoid probate.
As long as you remain competent, you can change
your Will at any time.
| How should I
store my will? |
You should keep your original Will in a safe
place: a safe deposit box or a fireproof box at home. It is a good idea
to let your executor know about your Will. It is also advisable to let
your executor know where the original of your Will is located. If your
estate is over a certain limit, your heirs will have to pay estate
taxes.
As with all estate planning,
anyone considering a will should contact an attorney who is skilled and
experienced in this area. |
