If you have property and you want to safely transfer it to your family then you should go for will. Wills and probate will save your family after your death from several complications. You can go to the website to know more about will.
What is a will?
A will is a legal document in which you can declare a person who will manage your estate after your death. You will be called as testator and the persons who will be mentioned by you in your will is known as executor because he will execute your stated wishes. You can also declare guardian in your will from your blood relations or dependents who you want to receive specific items. The person who will be designated to receive your property will be called as beneficiary. Some types of property such as insurance policies and retirement accounts are not included in will.
What happens if you die without will?
Now you must be thinking that what happens if you will die before stating your will? If you have any of estate then it will be settled and it will be divided to your children according to law. Probate is the legal process of transferring the property of deceased person to the rightful heirs. As in this case, there is no any executor so an administrator will serve in that capacity. The administrator will be stranger for your family and he will be bound by the letter of probate laws of your state.
Do you need attorney to prepare your will?
You will not require a lawyer to prepare your will however if you have access to an experienced lawyer then he may help you and can give you useful advice regarding your will. If you don’t want to hire lawyer to prepare your will then you can also search on internet. You can find complete information regarding will on internet.
Should your spouse and you have same will?
Joint wills are not being recommended by estate planners and some states do not recognize joint wills. Separate wills also allow each spouse to address the issues if there are any.
Who should be your executor?
You can name your child or spouse as your executor. If your affairs are complicated then you can name an attorney with legal and financial expertise. You can also empower your executor to pay your bills and to deal with debt collectors.