Most people know the importance of having a last will. In fact, having a will irrespective of your age or your net worth is paramount, unlike the common myth that only old people should write wills. Besides, the need to have a will grows as you acquire more assets or when you start a family. However, since some people still don’t understand much about wills, this article seeks to provide answers to some frequently asked questions about wills.
1. What happens when someone dies without a last will?
It is one of the most frequently asked questions. Well, when you pass on without a last will, the state, based on the laws of intestacy, will distribute your assets. Unfortunately, your assets will be allocated based on the state laws, and not by your wishes.
2. Are there a minimum amount of assets to create a last will?
In fact, laws don’t limit you on the number of assets you should have for you to write your last will, says the attorneys at Day Shell & Liljenquist, L.C. However, asset distribution usually attracts tax implications, but you are not limited to the number of assets. However, it is essential to talk to a will lawyer to explain the taxation terms and how inheritance is taxed so that you make informed estate planning decisions.
3. Do I need a lawyer to write a valid will?
Most state laws don’t require you to have a lawyer to write a will. However, it is wise to hire a will lawyer to guide you through as you write your last will. Besides, there are several things that you don’t understand about will laws in the state, and a will lawyer in Murray understands the ins and outs of these laws. Also, a will lawyer will be your witness and also read your will to your family members upon your demise.
Estate planning entails an array of complicated issues and your personal decisions. Therefore, legal guidance will come in handy because you can ask questions and you can be sure to get precise and correct information. Besides, these questions will shed light on the issue of creating wills.
