“The Will allows you to choose the persons to receive your assets at the end of your life. Additionally, this legal document identifies the Executor who will manage the transfer of your assets to your beneficiaries.”
Unfortunately, a Will cannot prevent probate, but it can ensure that your wishes will be carried out after your passing. The California Probate Code will determine who inherits your assets without a Will, which may not be following your wishes.
Valuing and enforcing a Will after it has been drafted is equally important. An experienced Will attorney with probate experience is essential. Attorney Real Estate Firm is here to help you understand why a lawyer should draft your Will. Here we will learn in detail about Lawyers that do wills near me.
Trust vs Will
Estate plans include Trusts and Wills, which communicate how your estate should divide when you die. Trusts usually go into effect immediately, while Wills take effect upon death. Are there any other key differences?
Trusts hold property belonging to grantors (creators) and contain rules for managing the assets during their lives, incapacitations, and deaths. Attorney Real Estate holds all assets in their name, but grantors’ social security numbers serve for tax filing.
The Smith Family Trust will hold title to its bank accounts and real property as “John Smith, Trustee of the Smith Family Trust” rather than “John Smith.” The Trust stipulates that assets are managed and distributed by the Trustee after passing them to the Trust. Unless the grantor lacks capacity, they can revoke or amend the Trust.
In a trust, you can set up sub-trusts for beneficiaries. It is beneficial for beneficiaries when they cannot manage their inheritance responsibly, as you can set limits within the law’s bounds.
Subtrusts are only effective after you pass away, but they benefit beneficiaries who cannot handle their inheritance responsibly. Besides, a good trust attorney will advise you to avoid “controlling from the grave” too much, as you cannot predict what the beneficiaries will need in the future.
You can direct who receives your assets, who raises your children, and who administers your estate by Will. Unfortunately, a will must go through probate (the legal procedure for transferring assets to the correct beneficiaries), meaning that inheritances may take two years to receive. The probate process converts a Will from a private document into a public record, unlike a Trust.
Reasons to make a will.
It will provide peace of mind for you and your loved ones by describing exactly how you want your estate handled after your death. A will is important for the following ten reasons.
Decide how your estate will proceed.
Making a will is famous as testation, and dying without a will is called intestate death. If you do not have a will, your estate passes according to following your state’s intestacy laws. There is no guarantee that state laws will meet your wishes. By drafting a will, you can easily avoid this issue.
Choose a person to take care of your minor children.
A will determines who will look after your minor children if you die. It is the court’s job to appoint a guardian if the other parent is not living or is unavailable and you have not provided a will.
You will most likely choose your guardian from among family members. If your child ends up in the wrong hands, you can probably ensure this does not happen.
Facilitate the Probate Process
To ensure a will is valid, it goes through the probate process. It also refers more generally to the process by which an estate disposes of under the supervision of the court.
Contrary to popular belief, there is no need to worry about the length or cost of probate. A lot depends on how big and how valuable your estate is. However, a well-drafted will can reduce delays. The distribution of your estate can be quickly settled if a family member has a dispute over their share due to disgruntlement.
Minimize estate taxes
By drafting a will early on, you can investigate various estate planning tools to reduce your estate taxes. When your loved ones receive property from your estate, you may also be able to reduce the inheritance taxes they will have to pay.
This is particularly helpful if your estate exceeds the federal estate tax exemption.
Decide who will administer your estate.
You will have a personal representative who will administer your estate. In the absence of a will, a court will select this person. Whatever the case, the person in charge of your estate is responsible for matters such as paying your debts, shutting down your bank accounts, cancelling your credit cards, and distributing your inheritance.
This is an extremely trusting position. Using a will, you can name someone you know is capable and responsible.
The choice of a family member as a personal representative is common. There may be better options than this when it comes to family disputes.
Please don’t leave your property to people you don’t want to receive it.
The state’s intestacy laws determine how your estate passes if you die without a will. According to these laws, your surviving relatives (also known as heirs) receive inheritances in a hierarchy that may differ from the current status of your family relations.
It is possible to specifically include people (called beneficiaries) in a will who intestacy laws would otherwise leave out. As well as disinheriting heirs who would otherwise be included, the Will allows you to disinherit others. To help prevent future family disputes, make sure your instructions are clear and unmistakable.
Make gifts and donations.
You can also donate to charitable causes through a will and distribute your estate to your family. It is also possible to reduce estate tax on gifts up to certain amounts. Check for the latest gift tax exemptions when drafting your Will.
You can always update your Will.
It is possible to change your Will as your life circumstances change once you have drafted it. An authoritative will is usually the one that is most recent and valid. Updates to your Will can be necessary for many reasons. Deaths, births, and divorces are examples.
Avoid legal challenges
The purpose of a valid will is to voice your wishes when you are no longer able to speak for yourself. Having read this article through, you probably understand the gist. There is less likelihood of legal challenges when a will complies with the law.
Tomorrow may not come.
As part of your estate planning, a will is an essential document. Don’t delay. We can only make a will when a person passes away. In an emotionally draining situation, the surviving family members often suffer a lot of stress.
Next step: Draft your Will
The following article outlines just ten reasons to write a will. It is still possible to begin the process, and you should be confident. In most cases, estates do not need a great deal of complexity.
If this is the case, you can use our estate planning tools to draft your Will and save time and money. Estate planning attorneys are available near you if you still have questions.
What does a will attorney do?
You can get help from a Will attorney, also called a probate lawyer, if you need:
- Making sure your wishes are carried out by your family;
- Assisting in legal proceedings if necessary.
A lawyer with experience is more likely to be able to handle all aspects of a will as well as probate. It would help if you verified that the lawyer you plan to hire could handle both.
Estate attorneys vs Will attorneys
Will attorneys and estate attorneys be similar in many ways? In terms of serving you, there are a few slight differences between the roles they can play.
Estate attorneys prepare comprehensive estate plans (which might include several documents depending on your individual needs) that outline your wishes for incapacity and death. They will assist you in obtaining the appropriate documents and present you with various options to accomplish your goals.
Besides handling the above, Will’s attorney can also file a probate case on your behalf. The majority of probate attorneys are not litigators. The Attorney Real Estate Firm can provide a probate litigation attorney with experience with San Diego probate cases.
The basic reasons you should hire an attorney
A skilled attorney can draft an exact will.
When you hire a Will attorney, you gain access to their years of experience and knowledge. A lawyer can also provide insight into accomplishing your goals, particularly if your family dynamics are challenging. Aside from technical skills, they can ensure that the right documents are in place.
A will attorney also acts as a neutral third party, so meeting with them is important. An attorney who prepared you Will be deposed if someone contests its validity, and a well-documented file will help protect your wishes.
Will it make costs with an attorney low?
By creating a Will, you can leave your assets to specific beneficiaries relatively cost-effectively. No doubt this option is a viable way to write a legally sound Will, regardless of how much the attorney charges, where you live, or your family’s needs. There is no room for scrimping here, regardless. It is worse to have no Will than to have a poorly prepared one.
Working with a living Will attorney is beneficial when dealing with a unique situation.
Circumstances change as life goes on. Divorce, marriage, or having a child are great times to review your Will and possibly make changes. Even if you intend to avoid creating problems for your heirs, you should review your Will periodically to avoid unintentionally creating them.
Working with a living Will attorney is beneficial to ensure that the right clauses and verbiage appear in the Will if you are dealing with a unique situation.
You might need more time to learn how to create a will.
Online resources are plentiful for writing a Will, but you must educate yourself on all aspects before you begin. If you need a Will or other legal documents, a good Will attorney can help you with a few key questions.
It is also difficult to determine what other documents you need on your own or how to draft to minimize probate litigation. Creating your own Will online has the same pitfalls as creating your own Will on paper.
The attorney will avoid common mistakes.
The writing of a Will can sometimes be hurried and without much thought. The legal requirements for a Will can easily be overlooked if you choose to write your own Will. Although the boilerplate language may appear simple, it is necessary and valuable depending on your circumstance.
There is also the possibility of accidentally naming the wrong Executor, leaving out assets, or omitting children’s guardians. Knowing all the intricacies of Will ensures nothing escapes the attention of a knowledgeable Will attorney.
The process of creating an authentic holographic will is far more difficult.
A holographic Will also called a handwritten will, has very specific requirements that set it apart from a Will prepared by an attorney. To find the applicable California Probate Code, you would have to read it thoroughly and could misinterpret it. California law school takes three years, and the bar exam takes three months, with a 50% failure rate.
Additionally, individuals need to understand the implications of simply crossing out a line or gift from their Will. It may not achieve the intended results, but it will certainly lead to a complicated and messy court proceeding. If you need advice on your Will, an attorney is best suited to provide it.
A good lawyer can ensure your assets will pass to the right individuals.
The dynamics of a family can be complex. If you need help drafting your Will, particularly if you have experience in probate litigation, a Will lawyer can help you draft it correctly.
You can set up a complex estate plan, such as a trust, with the help of a Will attorney rather than simply naming beneficiaries to inherit your property.
Using a trust, you can leave assets to one individual for their benefit until death, then to your children. You can do this to ensure your elderly parents or siblings with disabilities are also protected.
At any age, you should create a Will since the future is unpredictable, and you need more than communicating your wishes to someone close to you. The court can only determine who inherits your assets if it sees it in writing in a valid Will.
A Will ensure your assets go as you wish. You may have incorrect or unreliable documents when you write your Will (even through online sources). An attorney with a strong reputation can ensure the validity and effectiveness of your living Will.