Wills
A properly drafted will can provide the following:
Remember, a will does not control distribution of ALL of your assets. Examples include property held in joint tenancy and retirement accounts. Property held in joint tenancy bypasses the distribution scheme in your will and automatically passes upon your death to the surviving joint tenant(s). Likewise, retirement accounts pass outside of your will and go directly to named beneficiaries.
Estate distribution is one of the many reasons to consult an attorney when creating a will. I can assist you both in creating or updating a will as well as insuring that any assets not controlled by your will are coordinated with your distribution objectives.
- Distribution according to your wishes and not under the rules of intestacy. Intestacy refers to that portion of the probate code that dictates who will receive the person's property when they die with no written plan.
- Permits the nomination of a guardian of the estate and of the person for minor children. Without such a nomination, the court will appoint a guardian.
- Nominates an executor. This avoids confusion and often legal entanglements when more than one of your heirs believes they should be the one to administer your assets.
- Allows you to waive the probate bond for your executor, which saves you administrative expenses when you have an Executor you really trust.
- Gives you the option to make specific bequests to individuals and/or charities.
- Can authorize "independent authority" so your Executor can sell assets with proper notice instead of petitioning the court for a hearing and incurring additional administrative expenses.
- Can provide options for minor beneficiaries such as a trust or transfers under the Uniform Transfer to Minors Act.
- Peace of mind.
Remember, a will does not control distribution of ALL of your assets. Examples include property held in joint tenancy and retirement accounts. Property held in joint tenancy bypasses the distribution scheme in your will and automatically passes upon your death to the surviving joint tenant(s). Likewise, retirement accounts pass outside of your will and go directly to named beneficiaries.
Estate distribution is one of the many reasons to consult an attorney when creating a will. I can assist you both in creating or updating a will as well as insuring that any assets not controlled by your will are coordinated with your distribution objectives.