What is a Will?
A will, sometimes referred to as an individual’s last will and testament, is a legally drafted document that outlines an individual’s final wishes once they have passed away. It most often indicates where and to whom they will be leaving an assets or property to.
Once an individual passes on, the document is read by a court and they are entrusted to carry out the individual’s final wishes.
What Does a Will Do?
For the most part a will is designed to leave instructions for how their property and assets should be dispersed once they have passed away. The will can also:
Name an Executor – Someone entrusted to carry out these wishes.
Indicate how debts or tax liabilities are to be paid.
Outline guardianship to any children, pets, and property.
Why Should You Hire a Lawyer to Write Your Will?
The thing with a will, is that there are very few legal barriers to creating one. Technically, an individual could write a will in crayon, on a sheet of loose-leaf, as long as it was witnessed by two people and performed while they were of sound mind. But the fact is that it is best to hire a lawyer to handle your will and all estate planning for that matter. As much as the will written in crayon would carry some legal weight, it is highly likely to be contested, especially by those who may not have been awarded what they believed they should have been. Having an experienced estate planning lawyer on your side will ensure your will complies with any additional state laws on the books, and ensures you make the best decisions for your relatives – especially when it comes to taxes and other circumstances. A will drafted by a lawyer is far less likely to be contested as you had someone with legal knowledge help you to draft it.
There are a number of instances that can completely complicate your will, so hiring an experienced estate planning lawyer like Anissa Morris, Esq. can help you to navigate these complexities and help you to mitigate risks. Some of these complications include:
Having assets in multiple states or countries.
Having multiple spouses or marriages.
Children who are minors.
Owning a business, or multiple businesses.
Possessing assets in excess of a few million dollars.
Being involved in a same-sex relationship (leaving your partner assets)
What is a Living Will?
Many often hear this term and confuse it with a standard will. However, a living will is a document that directs physicians, family, and any other individuals, on your wishes for the end of your life – in the event you are incapacitated, in a coma, or simply unable to properly communicate your decisions.
A living will is a vital part of the estate planning process, and can be an important piece of information to leave your family. Families often struggle with end of life decisions, whether a relative would have wanted to be on life support or have a simpler death. Having an estate planning lawyer, like Anissa Morris on your side will ensure your loved ones know exactly what your wishes are.
Trusts
What is a Trust?
A trust is a separate legal entity that an individual may set up in order to manage their assets, oftentimes used in place of a will. Assets are placed within a trust and an individual is designated as the trustee to manage these assets. This individual will determine how these assets are distributed and how they are invested, in the event the owner of the trust is deceased. As an essential part of the estate planning process, Ms. Morris and his team can help you to create a trust to manage your assets before and after your death.
Living Trust vs. Irrevocable Trust
There are two basic types of trusts – a revocable trust or an irrevocable trust. The owner of a revocable or living trust may change its terms at any time. She can remove beneficiaries, designate new ones and modify stipulations as to how assets within the trust are managed.
However, in an irrevocable trust, the terms are set in stone, from the moment the agreement is signed. Only in very rare circumstances, changes may be made to an irrevocable trust. While it might seem obvious which one is better to choose, there are certain disadvantages with a revocable trust.
With a revocable trust, while you might have extra control, your assets are not shielded from taxes, creditors, or any type of garnishment – as they are with an irrevocable living trust. In a lawsuit or tax predicament, a judge can order that your assets be liquidated in order to pay the debt – both in life and in death.
For more information on your estate planning needs, and planning a bright future for your loved ones, contact Spinner Law Firm today.