It may not seem necessary to have a will in place. After all, isn’t that what kinship laws are for? In reality, however, it is not that simple. The disposition of an estate is a matter that should be thoroughly discussed well in advance and put in writing with several witnesses. Without this precaution, many things could go wrong.
Although it’s easy to find a template online, they may not take into account all of the many details that go into writing a successful will. Lawyers are trained and educated to be able to write an airtight will that can avoid any disputes after the death of the client.
In addition to the basic question of who inherits the client’s assets, several other points must be taken into account. Experienced will attorneys can help determine the answers to these questions.
Who are the designated heirs?
The first and most important issue, of course, is to name the client’s heirs. In the absence of a will, the assets of the deceased pass to the relatives, with certain exceptions and provisions. These regulations vary from state to state and are easily challenged, so it is best to consult an attorney to determine who the heirs of the estate are.
In many cases, the designated heir is the spouse of the deceased, with the children being next in line. However, if necessary, certain restrictions can be placed on who inherits the property, and these restrictions continue for several generations. This is known as bonding and can be implemented by experienced will attorneys.
Who makes a will? Lawyers can help decide
When drafting this document, it is very important to appoint an executor. This person should not be a beneficiary, as their job is to make sure that the decedent’s wishes are carried out according to the legal document. This decision should not be taken lightly; The executor’s job could take a year or more, and involves careful tracking of all assets in the estate and their disposition. The executor is responsible for obtaining appraisals for any property to be sold, carrying out the sale, and distributing the proceeds in accordance with the will.
In addition, this person must be scrupulous in following the instructions of the deceased to the letter. Even if the instructions seem unfair, they must be followed exactly to comply with the law.
What are the tax implications?
Nothing is certain but death and taxes, as the saying goes, and taxes don’t end after death. If the estate is small, the tax implications may not be a concern. However, if the decedent’s assets are worth a substantial amount, then the estate may be taxable upon transfer to heirs. This tax can be collected by both the state and federal governments. These tax regulations vary from state to state and can be very difficult to understand. An attorney can help determine how assets should be distributed to minimize tax implications and ensure all applicable taxes are paid according to law.
It is very easy to overlook the need for an airtight legal document. However, the lack of specific instructions on the distribution of assets, especially if they are considerable, could lead to the entire estate being tied up in a long and costly court battle. Avoid this eventuality by consulting with qualified wills attorneys.