A Will is an essential document in estate planning. It is a legal document that states how you want your financial property to be handled after death. In your Will, you can decide who the beneficiaries are and how much property they will get. However, most people know nothing beyond this. And making a will without adequate knowledge can leave loopholes and create problems for your beneficiaries.
Here we try to answer some of the most common questions you may have about a Will and how it works.
Do I need a lawyer to make my will?
Anyone who is of a sound mind can make their will. You just need to have it signed by two witnesses and sign and date it. You also need to ensure that the witnesses inherit nothing in your Will.
What happens if a person dies without a last will?
When a person dies without making a final Will, his/her property is divided among his successors, usually his spouse and children, as per the intestacy laws. It means it is divided as per state regulations rather than the deceased’s wishes. If there are no blood relations, the state gets the ownership of all the property if there is no Will.
Does a person need to have a minimum value of assets to make a will?
There is no minimum amount for which you can make a will. It can be for something as minimal as 10 dollars or even billions of dollars. However, inheritance has tax implications, and you should keep that in mind before distributing your assets.
How are a will and a trust different?
The significant difference between a will and a trust is that a will mandates probate, which means you need to get the will approved in court by a judge before assets can be transferred. Also, your assets become public information after your death if you make a will. Both these circumstances are unnecessary in the case of a revocable trust.
Can someone challenge my will after my death?
It is a rare occurrence, but yes, wills can be challenged in court after your death. It is usually done by a close family member who may feel that they did not receive their rightful inheritance. However, it is challenging to get it changed. The person will have to prove there was a flaw in your Will to make it invalid. For example, a forged signature or a lack of a sound mind when making the Will.
Is it necessary to leave something for my spouse and children in my will?
It is perfectly legal to disinherit children in your Will. However, most states in the United States offer legal protection to surviving spouses. Under this protection, the surviving spouse automatically becomes the owner of half of everything you own.
About MT Paralegal & Consulting for Wills & Estates
If you are facing trouble writing or executing a Will, MT Paralegal & Consulting should be your one-stop destination. We provide Wills and estate planning consultation services and assist fiduciaries in closing estate deals in a timely, transparent, and cost-efficient manner. You can reach out to us at 240-230-7925 or michelle@mtparalegal.com to know more.
