"Dad, what happens to your guitar as you die?
My daughter has a habit of asking these unpleasant questions, especially when I can not exceed the impulse as written in the rule of the house. Please do not mind at my office during working hours. .
It's almost always on. Initially she asked that question I had not answered soon. Ultimately, it is difficult to explain the concept of "will" to a 7 - year - old child.
But now I have the answer for her ... Even a child is so easy to understand it.
Test product pit
Necropsy is a compulsory legal proceeding when a person dies. It catalogs your assets, ensures that all obligations are settled and distributes the rest to the heirs specified in your will.
But if you do not leave a will, each province has its own rules to define who is entitled to receive your property and its amount. This 'pending' verification process can be time consuming, during which the heir may have nothing. In most states, there is a minimum period for which creditors are allowed to repay, during which period real estate can not be distributed.
The autopsy cost is also expensive. Attorney fees, testator fees, trial fees and other expenses. In many states these fees are set as a percentage of the value of your real estate. Other lawyers allow lawyers to charge their "rationality" with the approval of the court and charge a time fee. If a temporary judge is a golf member of your parents, it can cause major problems. lawyer
Do you need a will?
You probably heard that the prince of the musician died recently in the intestine. Many people can not believe that they neglected to commit themselves, as most of his will will be publishing about $ 300 million worth of rights to his music.
Prince 's aversion would probably have been associated with almost irrational hatred of the contract, even the intention of being a contract with your future deceased. But Prince was a member of 55% of Americans who will die without will.
In some cases, it is economically meaningful. If you rarely leave behind, the will may cost more than the testament. If you do not have an indication that your ruins or messages will be delivered to your heirs, another role of the will will probably be done without you.
On the other hand, enough people enough to sign up will probably need a will. The reason is, size Your property is important ... that is also important.
If you have more than your bank account, rent, or some personal property, it is important that you control somewhat how the asset was handled. For example, if you own a business and an heir can not agree as to whether heirs will continue to enforce heirs or cash in cash, prosecutor judges can sell so that they can be divided according to state law There are things to order.
In my case, it would be unexpected to own ownership of multiple countries, various investments, collections of precious instruments.
Is Will enough?
If you and your spouse's real estate value exceeds a total of $ 1,086 million ($ 543 million × 2), will will. In that case, it is necessary to relocate a part of the assets from the real estate, but still it is necessary for the heirs to be able to use the assets.
For example, a death benefit of several million dollar life insurance is included in the value of your real estate. Many people, their parents, insurance, investment, real estate and other assets are placed on the territory of expensive and complex real estate tax.
In the case of long-term investment with unrealized capital gains such as death, appreciation for investment from the date of purchase is regarded as revenue for the purpose of real estate tax even if it is not actually liquidated. This could mean that your heir must liquidize something else, such as a family's house, to avoid selling valuables.
In such a case, you will benefit from irrevocable trusts (either before or death) to receive certain assets. These assets are excluded from your real estate calculations. Such a trust is also a beneficiary of your life insurance contract as trust property is not yours.
Future prosperity
Some depend on faith to satisfy hope for the future. I am not one of them. There is always a part to play in faith, but as it becomes your heir, you will not break a good old-fashioned contract with you.
After all, we do not know day or time ...
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