No families want drama after the demise of a family member. But unfortunately, clashes, more often than not, transpire after the death of a person. These feuds may happen over wealth and assets the deceased person leaves behind, for instance, a family heirloom, property, or any other valuable asset.
Not to mention the inheritance feuds can take an ugly turn and stretch for literal decades. Thus, to avoid all these disputes and unfortunate circumstances, most individuals opt for drafting a Will.
What is a Will?
Although you might be acquainted with the concept of the Will, let’s shed some light on its specifics and why you should draft a legally acceptable one. A Will is primarily a document that stipulates the allocation of assets when you are no longer alive. Essentially, it’s a method to shield your last wishes and transfer your personal belongings and properties to the loved ones you want.
What aspects does it cover?
Crafting a Will is an integral part of estate planning. You can choose to create one at any age (preferably over 18) if you possess any investment, property, savings, or other assets. Putting a Will in place becomes even more critical when your wealth expands or you have dependents.
Wondering what does a Will look like and what are the crucial components of it? A Will is a bound and written document that may seem like any other legal document but involves many technicalities. Several legal Wills exist, such as testamentary trust, joint, holographic, and nuncupative Wills. Regardless of the type, some essential aspects of a Will include executor, guardianship, real property, and final instructions.
While most people choose to draft their own Will with the help of free software and samples, it’s a legal document that may get questioned in court. So, unless you are familiar with the legal regulations and intricacies, creating a Will on your own will squander time and spell difficulties for your family members down the road.
Therefore, don’t let your loved ones float in midair – engage an experienced lawyer to draft the Will and transfer your assets to the loved ones. Here are some more convincing reasons for having legal representation during the Will creation process:
List down all assets
Most people, if not all, believe that they can only include real estate in their Wills and dispense it to their family members, also known as beneficiaries. The good news is that there isn’t any restriction; a Will can comprise all your wealth and assets.
However, there are some instances when your Will can’t contain all properties. For example, if a property is co-owned, in that case, you can’t include this property in the Will as it’s evident you aren’t the only owner of it. But this begs the question: given the legal requirements, can you add your portion of the property in the Will? Also, do the laws allow you to allocate the insurance policy’s proceeds in your Will? The answers to these questions are contingent on multiple factors. Thus, it gives all the more reasons to seek legal help.
A real estate lawyer can help you precisely list all your assets in the Will so that no issues crop up when the Will comes into action. Not only this, but lawyers can also review the content of the Will now and then and help you give it an overhaul when necessary.
Ensure compliance with legal requirements
While there isn’t any ordinance against drafting own Will, the possibility of creating one that is specific, comprehensive, and conforms to legal requirements is considerably low. The document should comply with the laws and regulations of the state and probate court.
Remember, each state’s legislation may vary, and there are specific requirements about what to cover and what not to cover when writing a Will. For instance, who do you choose as a personal representative for your Will? Also, who should serve as a witness, and what procedures must they follow for signing up for the real estate documents?
If you fail to conform to the legal requirements, the court might render the Will invalid. And all the assets and properties will be at the mercy of your state’s inheritance laws and regulations. Therefore, it’s crucial to approach lawyers to help you steer through the Will creation process. Experienced and skilled lawyers can understand your concerns, simplify things, avoid financial discrepancies, and verify all clauses in the Will.
Create technical and comprehensive content
Creating a Will is incredibly complex and may get more convoluted even with exhaustive research. That’s because the content and clauses of a Will hold paramount importance. So, if you decide to craft your own Will, there’s the likelihood that your loved ones might have to suffer from plenty of challenges when you are gone.
Chances are, someone might contest the validity of the Will or challenge its content in the probate court, and trust litigation may arise. However, you can avoid such unpleasant situations and dilemmas with legal representation. The attorney can help you state the contents of the Will concisely and definitively, so your intentions remain clear and transparent. Not only this, but they also consider various aspects such as spousal support, retirement account, and bequeathment amounts.
A Will isn’t just about transferring expensive jewelry, assets, savings, or money to the ones you want. Instead, it involves complex financial issues, which only trust and real estate attorneys can help you with while drafting your Will.
Prevent costly mistakes
Most people attempt to draft their Will in haste and without serious consideration. However, doing so can spell negative consequences for you and your family. Although creating a Will may seem straightforward, it’s crucial to maintain the boilerplate language.
Also, there’s a possibility you might pay no heed to state statutes. In addition, there are several other errors that you can commit while drafting your own Will. For instance, the thought of updating the Will might slip your mind. Or perhaps you might forget to make necessary amendments to the Will or make inappropriate corrections that might nullify some terms.
Your demise will already cause heartache and anguish to your loved ones. And you certainly wouldn’t want to burden them more over the clauses of your Will during this distressing period. Therefore, it makes sense to approach lawyers so that none of the aspects of your Will get overlooked and your final wishes remain safeguarded.
Without hiring a lawyer to walk you through the entirety of the Will creation process, you might forget or probably fail to draft your Will altogether. Not only this, but without legal assistance, you might also find yourself in a dark alley when encountering intricate problems.
Suppose you breathe your last without finishing the Will for your loved ones. In that case, all your assets will get confiscated by the authorities, and your family will have to endure a prolonged and complicated probate process. Skimping on legal representation can irk your intent to look after your loved ones once you are no longer alive.
Therefore, don’t bank on DIY estate planning documents only for them to get rendered null and void in the end. Instead, engage an experienced attorney for the successful dispensation of the estate to your loved ones. While there’s nothing more dreadful than being no longer alive to take care of your family, nor can a Will replace your presence. Nonetheless, with an attorney in your corner, you can attain peace of mind by providing financial security to your family in your absence.