subject: What Is The Dollar Amount Threshold That Is Needed To Prepare A Last Will And Testament [print this page] Individual always ask what exactly is the dollar amount threshold that they need to have in assets in order to prepare a Last Will and Testament. The answer to this question is that there is absolutely no single dollar threshold that would require the preparation of a Will. The main reason why you would create this legal document is to actually not only designate your beneficiaries but to also avoid probate court. Well you might be asking why you would need to actually avoid probate court. The reason why your estate will be subject to probate court is actually due to the fact that there is no Will that has designated who is to actually receive your assets. Thus the courts have been given the ability to determine base don the facts and circumstances who is to receive your assets and what your real intention was. The issue that arises is actually the fact that your beneficiaries who believe that they are entitled to the assets will have to get their own attorney in order to defend their case.
The problem with that is that they will soon begin to accumulate very high legal costs and legal fees that could have been so easily avoided had a Will been created prior to death. There may even be a situation where your beneficiary would spend a great deal of money on legal fees and in the end the court may rule against him. Even though in that situation it might have been your true intention that that specific person get your assets. Thus, the idea that estate planning is really only meant for the rich or the wealthy is a mistake. No matter the size of your estate you want to create a legal document so as to avoid probate court in order to save time and expense for your beneficiaries.
