What is a Will?

We know discussing a will can be an unpleasant topic of conversation. But the truth is, everyone should have a will in place, regardless of the amount of your assets. There are several misunderstandings about what happens with a will.  Read on to better understand exactly what a will entails.

A will is a legal document that allows a person to dictate how the distribution of his personal and real property will take place upon his death.  The will has no legal power until the person (testator) dies.  Up until that point, the testator may make any changes he wishes to the will or revoke it altogether.  Another form of will, called a living will, is highly recommended.  To find out more about living wills click here.

Do I Need a Will?

Each state has intestacy statutes.  These statutes come into play if you die without creating a will.  The statutes will determine how your property and assets will be distributed, and to whom.  This is where many problems arise, as these statutes cannot determine which individual gets which specific items.  It just determines how those items and assets are to split.  If you feel strongly about certain family members receiving certain items, the only way to insure that happens is to have a will made that spells it out. You can easily see that even without having a lot of assets, having a will can prevent family disputes.

“Probate” is a word that scares people away from creating a will.  Regardless of whether you die with or without a will, the court will still oversee the distribution of your property.  The process is easier and more efficient when there is a will giving the court direction.  Expenses can escalate when there is no will involved.  For example, the person assigned to administer your estate will need a surety bond since there is no named executor without a will.

A will becomes even more important when there are minor children involved.  Without a will, it is up to the court to set up a conservatorship.  This person, or persons, will be the ones to manage your children’s part of the inheritance.  With a will, you will be the one to decide how you want your children’s assets handled until they come of age.  You can even determine the age at which you would like them to start receiving their share.

Benefits of using Wills and Trusts

Setting up a trust is a way to ensure that you get to decide who your money goes to and how it is distributed.  For instance, you could set aside a part of your minor children’s monetary inheritance with the stipulation that it only be used for higher education.  Or you can determine that only certain amounts will be released at certain times, ensuring your children a steady income for the life of the trust.  A trust can be set up for ongoing care of a family member with special medical needs.  You have worked hard to earn your money – setting up a trust gives you peace of mind that it will be used to its fullest potential.

The Importance of Utilizing Wills and Trusts and Estate Planning

You now have a better idea of why a wills and trusts are so important, regardless of the amount of your assets.  Seeking out an attorney that specializes in wills and trusts and estate planning should be something you do sooner rather than later. Wills and Trusts Estate Planning Attorneys at Denver Estate Tax Planning can help you get started setting up your will and securing your heir’s future.  discuss if more advanced estate planning if needed.  Give our office a call now and set up an appointment to further discuss all questions that you may have about wills and trusts and estate planning.