Why Do A Will

Wills Simplify the Handling of your Estate

A Will is a written document which directs how your property will be distributed after our death and who will be in charge of it until it is distributed. If you have minor children your Will can provide who will take care of those children if the second of their parents should die.

You do not have to be wealthy or near death to think about a Will. As a matter of fact, the less wealth you have the more important each dollar becomes, and thus the more you a need a Will. Although jointly owned property, retirement assets, and insurance payable to someone else are not subject to the provisions of your Will, almost everybody has property that is subject to a Will.

The most important advantage of having a Will is that you direct exactly how your property should be distributed rather than leaving it up the State. In addition, Wills can be drafted so as to provide substantial tax savings on certain estates.

By signing a Will, you choose who is to administer your estate, and who is to the guardian of your minor children. You can also provide a trust for your children to protect them until they are mature enough to handle assets themselves.

Your Will may be changed at any time before your death, as long as you are competent. In fact, you should consider revising your Wills whenever there are changes in your family, your finances or tax laws. For example, when your children are young, you may think it best to a have a trust for them, but when they grow older and you have had a chance to observe them, you might want to change your Will if you think that they should have absolute ownership earlier or later.

Your estate must be administered whether or not you have a Will. In most cases, a Will will reduce the cost of administration. With a well-drawn Will, you may also reduce taxes and other expenses. You may be surprised at the amount which can be saved by a carefully written Will.

A Will must be prepared and signed according to the law, and must also be prepared so that it leaves no question regarding your intention. A form Will, or one dawn by a layman may raise questions of interpretation which must be resolved by expensive court proceedings An attorney can suggest ways of better implementing your intention and can suggest ways of reducing taxes which could more than save the amount of the fee. For these reasons, drafting a Will requires the professional learning, skill and experience which only an estate panning attorney can provide.

For more information, contact us at info@hjslawoffice.com