Real estate planning of general questions and lawyers of the elderly are often asked, "Do you really need a will?" (The next question is always "How much does it cost?" But I will talk about it one more day!)
Most people assume that the real estate planning attorney always answers "Yes, of course", but that is not the case. Many people simply do not need a will. But let's actually see why you did so I want I have a will.
First of all, you can name your person who prefers to process your property after your death. Such persons are called "executors" in some states, and are called "individual representatives" in other people. In any case, this person submits the plaintiff to the court in the court (usually with the help of a lawyer), collects and protects all assets, pays out all obligations, submits the real estate tax declaration, Your property according to your instructions as stated in.
With the will, someone still needs to go to the court to process your property and gain legal authority to fulfill the same duties as the executive, but this time the judge of the prosecution leaves that person to the judge of the prosecution. Because nothing you want is displayed, battle may continue. A solves this problem because it is rare for the court to nominate the person you designated as your executive at your will.
The second major reason is when you want to distribute your property in a different way than your default rule. Essentially in all states there is a legal will of those who did not write their own will. This distribution scheme is called "intestacy" ("Prophet" means will, so "intestinal" No will). For example, most state court laws distribute equally to your child, if money, assets, real estate are all handed over to your surviving spouse at the time of death.
A good reason to have a will is one of these reasons:
- You do not want to leave everything to your spouse.
- You are trying to leave much more to your child than other children.
- You want to make sure that you have minor children and you can not access your money at least until you are 25 or 30 years old.
- I would like to leave $ 10,000 in my alma mater, church and temple.
- You want to truncate one of your children.
- I would like to leave money for my family in a way that is protected from litigation, creditors, divorced spouses.
- I'd like to leave a small amount for each of your grandchildren and bride.
- Your parents make a living. You have no spouse or children. Absent parents.
So who Absent Do you need a will?
- Your estate is reliably small and satisfied with the way your property is divided and allocated based on state funeral law.
- Provisioning was completely avoided using "POD", "TOD", co-ownership with viability, trust, beneficial designation rights. all Your assets.
- Regardless of your age and ability to deal with money, you have the content that all assets are immediately distributed to heirs.
- I do not care much about who will handle the affairs of your property after death.
Finally, before considering the cost of will, consider your actual cost if your wish did not run because you needed a will. Absent I have one. Sometimes, even the simplest will is better than the will!
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