Key Points To Know About A Will
No matter what ways you've chosen to 'pass on' your property
, you should make a Will to show your intentions about any property that remains solely in your own name. This article addresses some key points to realize so you don't delay making a Will.
Property that remains only in your name with no automatic assignment to a designated beneficiary or joint owner at your death must go through the probate process in your county court. The probate judge according to your state's rules will decide who gets that property and how much of it - unless you make a Will to instruct the court what YOU want to happen.
*What does your Will accomplish?
It states your intentions about who should get what of what you have. You should name specific items for specific people if that's important. You can also state what percentage of your property should go to whom. Be specific about who gets what. You should also name an executor to be in charge of carrying out the provisions of your Will.
*Don't worry. Making a Will won't lock you into anything:
You may think you're locked into whatever you decided in your Will - but your not! You can change it anytime. In fact you should plan on updating it every couple of years as your assets, beneficiaries or desires change,
Your Will isn't recorded in the probate court until you die, so it can remain private until them. So, no one needs to know your intentions until after you die.
Having a Will doesn't affect your ability to sell or dispose of your property. And you don't need to make an itemized statement of your assets nor their present disposition to make a Will.
*Do I have to leave an inheritance to my spouse and children?
Each state's laws dictate who has a right to inherit from you irrespective of your intentions. All states, generally allow your surviving spouse to take a fraction - perhaps one-third - of your estate. This is an elective share she can choose to take or not. So, your spouse can't be disinherited from you. In prenuptial agreements spouses can agree to waive any claims to an elective share of each other's respective estates.
Realize, though, that your estate isn't just the property in your name alone that's probated. It can include most assets with beneficiary designations such as bank accounts, securities, IRA accounts, your interest in jointly held property, annuities, certain interests in trusts, the cash value of life insurance, and even property that you might transfer to a child during the one-year period preceding your death. The surviving spouse may access these by filing a probate proceeding to force the return of assets to satisfy her elective share obligation.
On the other hand, it's not illegal to disinherit a child. There's no law that requires a parent to leave an inheritance for his or her child. But you should state clearly on your Will any such intention to disinherit a child so it can't be claimed that you accidentally forgot to bequeath something to that child.
*Remember what happens if you don't make a Will:
Any property in your name alone must be probated. In this process the court validates you as owner of your property, sees that all taxes and claims are rightfully paid and that your property is distributed according to the either the state's distribution law or your Will if it exists. So, if you don't make a Will, then your state's distribution law, alone, will determine who gets what.
That law generally provides a large share to your surviving spouse and your children. And what happens to that wealth after that is out of your control.
by: Shane Flait
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