A last will and testament is a legal document outlining your wishes for the distribution of your property, the care of any dependent minor children and the declaration of who you want to be your executor. As explained in a recent article, “Do I Need a Will?” from mondaq, your will is a powerful tool giving you control over your estate and protecting your final wishes.
All wills become a matter of public record after they are filed with the court in the probate process. This is when the court determines if the will is valid, i.e., meets the requirements of the law in your state and if the executor, the person who you named to be in charge of distributing your assets and managing your estate after you die, is acceptable to the court.
There are many advantages to having a will, not the least of which is the peace of mind of knowing your wishes have been expressed, documented and will be carried out. Without a will, your estate is going to be divided according to your state’s laws. You or your family members may not like how the state does this. However, there won’t be much they can do about it.
Parents of young children or children with special needs must have a will to name a guardian for their offspring. Without a will, the court will decide who will raise your children and where they will live.
Having a comprehensive estate plan helps prevent family conflicts. Your clear instructions should leave no doubt about your intentions. Families in the middle of grieving the loss of a loved one are often susceptible to fighting when they otherwise would be able to work out issues without drama.
Having a will also allows you to create a legacy by giving assets to a charity you care about. Your estate planning attorney can help you with a number of gifting strategies to make donations over time, minimize tax liabilities and provide heirs with income streams.
The first step in creating a will is identifying an experienced estate planning attorney you feel comfortable with. The next step is to create an inventory of your assets, including everything from bank accounts, investment accounts, retirement funds, personal items and real estate property.
Some assets don’t pass through a will. Accounts like 401(k)s and IRAs usually have beneficiary designations and pass directly to the person or people named by you when you opened the account. Make sure that these designations are still correct so the right people receive these assets.
Depending on your income and asset level, estate planning has many tax implications. You’ll want to take advantage of any tax-saving opportunities.
Once you’ve reviewed these materials, your estate planning attorney will create the documents. The will needs to be put in writing, signed and witnessed. You may need one or two witnesses, depending on where you live. Remember that your will needs to be updated to keep pace with changes in your life and the law.
Having a will created by an experienced estate planning attorney will help you avoid common mistakes, understand complex concepts and create a plan for the future for you and your family.
To learn more about estate planning in the East Valley, Gilbert, Mesa and Queen Creek, schedule your free consultation with Attorney Jake Carlson by using one of the links above.
Reference: mondaq (Dec. 19, 2024) “Do I Need a Will?”
