Thinking About Preparing A Will? Here Are Some Indicators to Help You Decide If You Need One
If you have assets or an inheritance, then you might have been wondering what would happen to them when you die. If you have a spouse or children, you probably want to explore your options about how you should divide your assets. Here are some reasons you should consider having a will drawn up from the experts at Morris Notary.
What is a Will?
A will is a legal, written document that represents your wishes after you die and only comes into effect after that. This document states how your assets are divided and who takes over the custody of children who are minors.
What are the key functions of a Will?
- You state the individual that will carry out the instructions left in your will and also wrap up everything on your behalf.
- You can decide who you would like to be the guardian of your minor children (under the age of 18).
- You leave instructions as to how you would like your property to be distributed. Here you would include personal possessions, bank accounts, investments, as well as land.
- A will can reduce the tax burden when distributing your property.
Do you need an attorney to draw up a will?
You are not required to hire a will and estate lawyer to help you prepare a will. Do-it-yourself will kits are available and easily accessible online. These will kits are legally binding as long as the document is signed properly with two adult witnesses present, who are not beneficiaries or spouses of beneficiaries.
Although lawyers are not required to prepare wills, you may want to seek advice from a lawyer to get their perspective on estate-planning strategies so you can make the most informed decision regarding your possessions.
What happens if you don’t have a will?
If you die without preparing a will, you have died instate. This means that your estate will be distributed by the government to your next of kin instead of how you would have wanted it to be distributed. This can be very stressful for loved ones, and common law partners do not have a right to a share of your estate as there is no legal binding between you two. Our will lawyers can provide you with the information and services you need to ensure that your wishes are well taken care of.
How often should you update your will?
It is a good idea to update your will during times of major life changes such as marriages, the birth of a child, divorces, and deaths, as well as when making new investments and receiving an inheritance.
Need help writing up you will?
If you have any questions or need help preparing your will and want to make sure you are making the right choices for yourself and your loved ones, our experts at Morris Notary can help. Get in touch with us today by filling out the contact form on our website.