Will is an essential estate document
A will is an important estate planning document. More officially, it is referred to as a Last Will and Testament. A last will and testament is a legal document written by a testator, which contains the testator’s wishes and desires regarding how he wants his estate dealt with after he passes away.
On the will, the details of how you want your estate to be shared would be clearly stated. Since you would no longer be alive by then, you must name an executor who would see to it that the instructions on your will are effectively executed.
Preparing now for the future over your financial and medical affairs would save you and your loved ones a whole deal of stress and troubles. One wrong document or inclusion or signatory could mean a whole different thing and may jeopardize your estates at risk of loss and probate with the beneficiary or trustee not getting it.
No matter the financial or medical situation you are in today, contact a will attorney in Queens to help you plan for the future, yours and that of your family by documenting the appropriate Will.
You may want to Consider one or more of the following cases and see if you fit into these categories; you own and manage one or more businesses, you have minor children or you don’t have any children, you have a disabled family member, or you have one or more health issues, you are married, divorced or in a second marriage etc.
You are definitely in of the categories mentioned above, any of these above mentioned cases requires that you have a valid Will.
Probate process of Will
When you pass away, your family is faced with the challenge of managing and sharing your assets among themselves. This is usually an emotional and trying time, with a lot of decisions to make. Leaving them without a Will–a valid one–will make things even more difficult for them. Probate in itself is the legal process of determining the validity of a will before its contents are carried out. Not all Wills are valid. For instance, a Will valid in one state may be invalid in another state, and this is why you need a Will attorney.
A will may be contested. Unfortunately, in certain situations, when a decedent will is read, tension and dispute may arise between beneficiaries of the estate. When one or more parties feel that the deceased was forced into signing the will, or that they are being cheated out of their inheritance, such party may issue out a petition of contest of will. Thus, increasing the probate process.
The will attorney would however be on hand to help settle any disputes that arises between the personal representative and the estate beneficiary or between the beneficiaries of the estate who feel they have been cheated.
Difference between a Will and Trust
Wills and trust are the most popular estate documents. Both can be used for the transfer of estate or properties to desired beneficiaries, however, they are entirely two different documents. While the last Will only cater for what happened to your estate, properties and family while you are death, the living trust covers both while you are alive and death. For instance, through trust, you can have anyone whom you solely desire manage and make financial decisions over your assets both while you are alive or dead as well as when you become mentally incapacitated. Trust forms the bases of how your estates are shared or given to beneficiaries, what happens to you when you die and who makes certain financial or medical decisions for you when you are mentally incapable.
What you can do with the last Will
- Pass your property over to your loved ones at your death;
- Name a guardian for your minor children at your death;
- Appoint a trusted party who would look after whatever property you leave to your minors until they come of legal age to handle such property themselves;
- Name an executor who would ensure the terms of your will are duly carried out to the letter.