Thursday, May 15, 2014

Creating a Will: What Everyone Tends to Overlook

Creating a will is something everyone should do at some point, regardless of the level of financial assets involved. Money, property, and real estate are the common primary considerations when deciding how items should be divided upon an individual's death, but there may be a few other considerations most people do not evaluate. Death can create legal confusion for those left behind, and those who die intestate will have all personal property divided according to the laws of the particular state. A will is a legal method of circumventing that mandated division.

FINANCIAL ASSETS


In most states, all personal property is automatically transferred to the surviving spouse at the time of death. Families that include duly entitled children from previous marriages may need to update personal wills regularly to avoid legal contention after an unexpected death. Financial asset transfer can be assigned by the primary individual during the will process, instead of leaving the courts to make the decision later. A will can be contested in court, but overturning a will is different from suing for entitled assets, and usually more difficult. Savings and investment growth should be considered when making the will, as these financial instruments tend to fluctuate in value. The same is true for real estate property. An intestate court transfer order for financially valued articles can mean a much larger settlement for the plaintiff without a valid will.

EARLY PROPERTY TRANSFER


Transferring property before death is a good way to avoid taxes and ensure your personal property is divided according to your wishes. This can be a crucial financial decision, regardless of financial asset level. The concept of the death tax is real, and normally applies when not addressed in a valid will. This can also include practically any type of property. Wills should be done with careful prior evaluation, and early transfer often gets left out of the equation. It is always important to allow for all options, especially when it means the inheritor maintains as much total value as possible.

GUARDIANSHIP and CHILD CUSTODY


There is more to making a will than merely assigning financial assets. Minor or disabled children are a family asset as well and proper instructions should be left indicating the guardian decedent's wishes on custody. This can include disabled adult children who live at home or with a guardian individual. Do not leave this important issue out when it applies, as the decedent has the legal right to recommend a living situation for either minor children or disabled legal dependents. In addition, this can also apply to the primary will maker with respect to predesignated power of attorney and health care before a health condition could render the primary incompetent. Property is not the only component to a valid will. These dispositions could even include custody of a pet.

SEPARATE WILLS


Married couples should always have independent wills because it leaves clear designation for property that may be later contested, especially when ex-spouses and step-children are involved. Many married couples have there own personal property, as well as community married property, so it is easy to have a complicated situation. Procrastination is not a good idea either, as the most complicated will cases come when the decedent was not prepared and no acceptable personal will can be located. Accidents happen all of the time, so being prepared is always best.

It is not necessary to retain an attorney to prepare a valid will. Even in simple situations, a will can be prepared with one of the many available do-it-yourself will kits, including instructions on notarization of the document. As long as it is properly notarized, it can even be written on scratch paper when acceptable. It may be a good idea to check into purchasing a fire proof safe before or shortly after making the will. If there is only one document, a SafeWorld a division of Dial locksmith may be the safest protection device and it always at the individual's disposal. Fire proof safes from Edmonton are also excellent for protecting other legal instruments and significant amounts of cash, deeds, and ownership documents. Wills should be re-evaluated each year at tax time, and potentially each quarter for those individuals with significant wealth who monitor growth on a daily basis.

2 comments:

  1. That’s why we tend to feel you plentiful and services. It is terribly simple to finding United States as we generally tend to rectangular measure at your city or nearest locations.
    check cashing

    ReplyDelete
  2. That’s why we tend to feel you plentiful and services. It is terribly simple to finding United States as we generally tend to rectangular measure at your city or nearest locations.
    check cashing Cincinnati

    ReplyDelete

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics