Don’t Go Intestate
Are you worried about what will happen to your family and possessions if something were to happen to you? Many people are genuinely concerned at the thought of their loved ones going through an arduous probate process. Others simply don’t give it thought, probably because they have no idea what it means to die intestate. But dying without a will can be avoided. What does this mean exactly? Click here for to ready the full article.
An Overview of Going Intestate and its Consequences
Going intestate means leaving your estate in the hands of a court. It also means that the distribution of any assets you owned will be determined by state law and may not pass to those who would have otherwise inherited them had a Will been in place. There are also associated fees and taxes that can arise from having an estate go through the probate process, making it even more important to take steps to ensure that these potential consequences are avoided.
The Benefits of Creating a Will
As you navigate through life, it’s important to plan for the future of your loved ones. One of the best ways to do this is by creating a will that outlines your wishes. When you die intestate, meaning without a will, your estate could be disposed of using state laws, which rarely reflect what your intended outcome. With a will in place, all assets are accurately inventoried and can be transferred according to your exact wishes. Additionally, depending on local laws, your beneficiaries may receive their inheritance much faster than when dying intestate. Overall, having a legally-binding will in place provides peace of mind and allows you to protect yourself and those that you care about while alive and after death.
Who Should You Include in Your Will
When deciding who should be included in your will, it is important to think about the people and organizations that you truly care about. Besides family members, include any close friends, mentors, or charities that you would like to support after your passing. This can help you honor everyone who has been an influence in your life with the distribution of any property or assets. Taking the time now to draw up a will could save your loved ones from a lengthy legal process if you pass intestate without one. It’s also important to review your plans regularly as life circumstances change.
How to Protect Your Assets When Creating a Will
Even if you don’t have extensive assets, it is still important to create a will because certain items like sentimental possessions, stocks or even annuities may only be distributed through a legal document like a will. Plus, having a will can save time and money by ensuring that each asset goes specifically where you designate. Your attorney can help you build a plan of action that considers all assets and how best to protect them.
Knowing When to Update Your Will
Keeping your will up to date is an essential part of estate planning. Unfortunately, this important task can often be overlooked. This can lead to confusion and conflict within your family as they try to sort out who gets what. OmniStar recommends reviewing your documents every two years and anytime a major life event takes place.
Despite being an unavoidable chapter in life, planning for the unknown can provide peace of mind. Creating a will, adding legal protection to your assets, and updating important documents are all great steps you can take to ensure that your wishes are followed and everything is taken care of when the time comes. If you aren’t sure, or feel like your existing documents need some adjustments, don’t delay. Give us a call to schedule a review, and make a difference for yourself, and your loved ones.