Not long ago, my husband and I had the conversation about setting up last wills. Now that we have a family, we realize it's become more important now than ever to have a plan in place should either or both of us die while our children are still minors. Regardless of your age, it's important to draw up a last will and testament and instruct the executor to handle your final wishes and disbursement of your assets. If you or your spouse should die before these legal documents are written and verified, you or your family could experience any number of problems with regards to inheritance of your property.
In short, it is important to have a last will written because:
Once you have set aside time to write the will, you must then figure out who will receive what, but more specifically what you have to bequeath. Just a few things you need to consider are:
You may also consider, too, talking with somebody close to you about your plans for your last will. This way, there are few surprises when your will is read - people will have known your intentions. If you need assistance with your will, consult with a law firm with a concentration in elder law and wills.
In short, it is important to have a last will written because:
- It can outline who will become the guardian(s) of any minor children who survive you.
- It will instruct your survivors with regards to any charitable bequests you want made after you die.
- Surviving relatives and friends are less likely to contest your last wishes with a legal document in place. Your financial and property bequests will be made as you have wished.
Once you have set aside time to write the will, you must then figure out who will receive what, but more specifically what you have to bequeath. Just a few things you need to consider are:
- Taxes. Those who inherit anything typically have to pay an inheritance tax. If you have assets of great value, you may wish to consider transfer of ownership while you are still alive so as not to burden anybody with taxes.
- Property. Do you own land, a home, or an office building? Who will receive ownership when you are gone?
- Custody of minor children. Hopefully this will not become a concern for you, but it's important to have somebody in mind should you pass away before your children reach adulthood. You may wish to talk to respective guardians and make sure they are able to raise your children as you would wish.
- Charitable bequests. Non-profits, schools, and churches, often receive property, stocks, and other annuities from people who remembered them in their wills. If you wish to leave behind such a legacy, you may wish to consult with somebody first. They may have a process that makes it easier for you to give.
You may also consider, too, talking with somebody close to you about your plans for your last will. This way, there are few surprises when your will is read - people will have known your intentions. If you need assistance with your will, consult with a law firm with a concentration in elder law and wills.
Kathryn Lively is a freelance writer specializing in articles on North Carolina lawyers and Camden County lawyers.
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