Writing a will is a complex but important task that could have ramifications for generations to come. These documents are powerful, but only if they comply with the law. A dedicated estate planning attorney could ensure they do.
When you are considering an estate plan, having these documents in place may be one of the most valuable tools available to you. These documents have the potential to ensure your wishes are respected long after your passing. A Somerset wills lawyer could help you develop a plan that is ideal for your situation.
When it comes to the distribution of assets after a person’s passing, having a last will and testament is often crucial. From large estates to small, having a plan in place gives a person the most control over how their property is distributed at the end of their life. This outcome is different when a person passes away without an estate plan, in that state law typically dictates who inherits what.
These legal documents can do more than simply determine how assets are doled out to surviving relatives. A comprehensive will allows a person to address a variety of issues, including funding a trust for a beloved pet or ensuring that family heirlooms do not go to people who might sell them. These seemingly small details hold significant importance when it comes to honoring a person’s wishes.
The appropriate use of these documents can also ensure beneficiaries avoid probate entirely. The probate process can be time-consuming and costly. Thankfully, a person can use a will in conjunction with other tools, like irrevocable trusts, to remove the need for probate court entirely.
By seeking guidance from a wills attorney in Somerset, a person can not only safeguard the future distribution of their property but also offer peace of mind to everyone involved.
Dying without a will is known as passing away intestate. While these documents provide a person with control over how their assets are distributed in the future, intestate succession laws do not. Instead, this rigid framework always follows the same pattern.
The specifics of estate distribution without a will depend on the number of surviving relatives. For example, a person who passes away with a spouse but no living children or parents can lead to assets being transferred to their husband or wife.
This outcome changes when there are children in the picture. In this situation, a spouse receives the first $30,000 from the estate before splitting the rest evenly with any surviving children the couple shared. In cases where there are no children but there are surviving parents, the parents are granted a share of the property.
Often, the rules of intestate succession lead to outcomes a person would rather avoid. This can be especially problematic when a family member who has had a conflict with the decedent in the past ends up in line to inherit. These issues can be avoided with the help of a wills lawyer from Somerset.
When you are considering an estate plan, the outcome of this process could provide you with peace of mind that lasts for the rest of your life. However, it is important that you take care and comply with the law every step of the way.
A Somerset wills lawyer could work tirelessly to ensure this compliance and see that your possessions land in the right hands. Call today to learn more.
