Will Estate Planning to Protect Inheritance Property
Will estate planning refers to executing legal documents to protect inheritance assets and outline your final wishes. It involves drafting a legal will, appointing an estate administrator, designating beneficiaries to receive assets upon death, execute healthcare directives, and appoint power of attorney privileges to someone you trust.
Many people believe will estate planning is expensive, while others feel it is unnecessary because they do not own valuable assets. Estate planning costs are based on the types of documents and services required. Estate planning lawyers generally charge a nominal fee for executing a last will and many banks and financial planners offer complimentary estate planning services to customers.
Depending on personal circumstances and owned assets, some people can engage in will estate planning without hiring a lawyer. Numerous websites provide legal forms which can be downloaded at no cost or for a nominal fee. Preformatted Wills can be purchased from office supply and book stores. Some word processing programs include last will templates which allow users to fill in the blanks.
In order for last wills to be legally-binding they must be signed and witnessed by two individuals who are not related to the person writing the will. The document must be notarized by a notary public. Most bank managers are notary publics and often notarize legal documents at no charge to customers. The cost to have legal documents notarized varies by state, but the average cost ranges between $5 and $10 per document.
Estate planning is important for everyone over the age of 18. Dying without a last will in place can lead to multiple problems for family members left behind. Unless inheritance property is transferred to a trust, decedent estates must undergo the probate process. Two types of probate exist: testate and intestate.
Testate means the decedent has executed a last will and testament and the court will abide by directives provided in the document. Intestate means the decedent did not have a valid will, which in turn requires the estate to be managed according to state probate laws.
Intestate estates generally require considerably more time to settle. A judge must appoint a probate personal representative to manage the estate. Notices must be placed in newspapers to locate direct lineage heirs who may be entitled to inheritance property. If the decedent had minor children, but does not have a spouse, dying intestate can create issues related to establishing guardianship.
Executing a last will enables individuals to have final say in all aspects of their death. The will can be used to provide direction regarding the type of funeral desired and how distribution of financial assets, real estate, businesses, and personal belongings should occur. Individuals can appoint an estate administrator to manage their estate and arrange guardianship for their children.
In addition to drafting a last will and testament, individuals should also establish a healthcare proxy and durable power of attorney. Healthcare proxies outline the type of life-saving measures you do or do not want. Power of Attorney authorizes someone to make decisions on your behalf if you are incapacitated and unable to make important decisions.
Will estate planning can be accomplished without hiring a lawyer or estate planner. However, in order to ensure your estate is properly protected and your last will and testament will hold up in court, it is best to work with professionals. Probate attorneys and estate planners can be located by conducting online searches, in phone directories, or through the American Bar Association website at ABANet.org.
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