People often times shy away from things that they don’t understand, and this certainly contributes to the fact that many individuals are going through life without an estate plan. With this in mind, we would like to respond to some common questions about last wills.
What can a will accomplish?
The first thing that may come to your mind when you think about a last will is that it can facilitate the transfer of your financial assets after you pass away. This is true, but there are some other things a will can accomplish.
If you are the parent of a minor child or children, you can nominate someone to act as the guardian of the children if both parents were to pass away. In the will you can also choose an executor or executrix to administer the estate.
It is also possible to state your desire to forgive debts in your last will.
What are the limitations?
With a last will your property has to go through the probate process before it is distributed to your loved ones. This process can be time-consuming, and it could wind up costing the estate a significant amount of money.
Property passed on via the utilization of a last will is potentially going to be subject to the estate tax. There are ways to position assets in a more tax efficient manner.
These are just a couple of the many limitations.
Is it possible to draw up your own last will?
You do not have to have any particular credentials to draw up a last will. However, you don’t have to have any particular credentials to attempt to do any number of things that typically require professional expertise. You are certainly taking a risk if you try to execute your own last will without any legal advice or knowledge of the probate process, relevant federal and state statutes, and tax laws .
If you would like to read more about Wills, request our free report by clicking on this link: Where There’s a Will, There’s Probate.
- Assisted Living: What is It, and is It Right for You? - October 7, 2021
- Is Your Married Joint Living Trust Too Complicated? (VIDEO) - September 27, 2021
- Litherland, Kennedy & Associates Law Firm Team Joins 2021 Walk to End Alzheimer’s - September 20, 2021