Each state has different laws that govern what happens if a person dies intestate (without a will). Dying without a will gives the state power over your assets and their distribution. Normally, the estates assets are split between the spouse, any children of the deceased, and to other family members. The state’s distribution is based upon the estimation of how most people would divide their wealth in the event of death.
The problem with letting the government adjudicate where your assets go after you die is that they will not likely follow what would have been your wishes. Perhaps you’d like to leave a piece of property to your sibling. The state is probably not going to do so. If you’d like full control of where your assets go when you pass away, estate planning is essential.
What Is a Will and Why Should You Care?
A last will and testament is a document that states how a person’s assets and personal properties are to be distributed in the event of their death. In a will, you choose exactly who gets what. However, keep in mind there’s a circumstance called forced heirship laws, which protect the rights of spouses and sometimes children from being disinherited. In some states, there are spousal rights of election laws, which allow a living spouse to receive a portion of the interest in your estate, no matter what your will says. Nevada is a common property state, which gives full interest in an asset to a spouse if it is jointly owned.
Wills range from very simple to very complex. Tax objectives and family goals are taken into consideration when writing a will. The simplest forms of wills spell out the distribution of assets. Other wills may also specify a guardian who would care for a child in case both parents die. This minimizes the state’s involvement in your child’s care. A will can also be used to appoint an agent to manage your property funding, as well as an executor of your estate.
The most important benefit of having a will is that you can distribute assets to people that the state would not give anything to if you die without a will. For example, in a will you can go beyond immediate family to benefit godchildren, stepchildren, a friend, or donate to charity.
One final note: If you own joint property with someone else as joint tenants with right of survivorship, the property will be automatically passed directly to the joint owner upon your death and is not going to be part of your will.
How to Get a Will
An experienced local estate planning lawyer can help you create a will and ensure it conforms to the laws of your state. Once the will is formulated, it must be signed in front of a witness. In some states, it’s required that the will be notarized.
Wills don’t have to be one and done documents. They can be amended. Amendments are called codicils. A codicil is signed with the same formalities as the original will. Working with a qualified estate planning attorney at Clear Counsel Law Group, you can create any number of codicils to plan for any issues in the future.