Having a living will can help ease the burden on your loved ones in the event that you suddenly pass away. It can also help you manage your assets according to your wishes. Everyone should have a will, but making one legally binding is not as complicated as most people think. Having one can also help minimize the burden on your loved ones when it comes to distributing your assets.
You'll need to assign someone trustworthy and honest to be the executor of your estate. This individual is responsible for managing your assets and ensuring that taxes, debts, and other estate-related issues are resolved. They'll also guide your estate through the probate court.
If you don't want to appoint an executor, then the state will appoint one for you. Anyone can also petition the court to take over the position.
Oral wills, which are made in front of witnesses, and holographic wills, which are drawn up without the presence of witnesses, do not have much legal significance. A properly prepared will, which includes a statement signed by multiple witnesses, can serve as the best way to ensure that your assets are distributed to the beneficiaries you have listed.
Intestacy laws vary depending on the state. In the event that there is no will, the assets of a person are usually distributed to their immediate family first. If there is still a surviving family, then your assets are typically dispersed among your siblings, children, and grandparents. Having a will can help protect the interests of your children in the event that you and your spouse die suddenly. It can also help identify the individuals who would be the children's guardians.
If you have a business or trust, then it's important that you have a clear will. This document should include a statement that clearly states how you want to divide your assets.
If you have a significant amount of assets, then you may need to work with an estate planning attorney. This type of professional can help you prepare a will that will effectively manage your assets. An attorney who's knowledgeable about estate laws in your state can also provide you with legal advice regarding your will.
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