A will is a legal document that makes sure your assets are divided to your chosen beneficiaries. It also identifies your Executor to handle the transfer of assets to beneficiaries. However, a will goes through probate, but it can make sure your desires are carried out when you die.
Creating a will is necessary because without this document, the probate court will decide who will get your assets. Sadly, the decision of the court may not express your wishes. Aside from making a will, you should ensure it gets proper validation and enforcement. Working with an estate planning attorney with extensive experience in the probate process is vital.
Trust versus Will
A trust and a will are part of an estate plan that expresses the way you want your estate to be divided when you die. In general, a trust takes effect right away, but a will takes effect upon your death.
A trust is a legal contract that holds your property and offers rules for handling the assets during your lifetime, when you become incapacitated, or when you die. A revocable living trust holds assets in the Trust’s name, but the social security number of the grantor is utilized for tax filing purposes. When the assets are moved to the Trust, the designated Trustee will handle and divide them based on the terms of the Trust. As long you have capacity, you can change or revoke the trust.
Meanwhile, a will lets you designate people who will get your assets, raise your kids, and administer your estate through the probate process. But this document needs to go through probate. Thus, your beneficiaries may need to wait up to 2 years to get their inheritance. Since a will should go through probate, it becomes a public record.
Reasons to Hire a Lawyer for Your Will
Hiring a lawyer when creating a will is important due to the following reasons:
- Build a technical will tailored to your needs. When you hire a lawyer for a will, you get access to their extensive experience and knowledge. The attorney can give insights on how they can help achieve your goals, especially if you have complicated family dynamics. Also, they possess the technical skills to prepare the correct documents.
- Get help with updating the will. Life events can occur and circumstances change. Whether you are having a child, getting divorced, or getting married, such situations can be a perfect time to review and possibly update your will. Consider reviewing your will occasionally to avoid creating issues for your heirs when you die. Work with a lawyer to ensure the will uses the right words and clauses based on your specific situation.
- Avoid mistakes. Usually, a will can be written rashly without much consideration and thought. Writing a will without an attorney can result in you overlooking important state statutes. The language used in your will is necessary and relies on your specific circumstances. In addition, you could unintentionally leave out assets, name the wrong Executor, or not name a guardian to your minor children. An experienced lawyer knows the complexities and will make sure nothing is missed.
- Distribute assets to the right people. A lawyer who specializes in probate litigation knows how to draft a proper will to ensure your assets are distributed to your intended heirs while minimizing the risk of contests. Although a will contest can still happen, there are ways to decrease the risk. Rather than naming beneficiaries to receive your property, your lawyer can develop a more complex plan like a trust, so you can leave assets to one person for their benefit until you die. Ultimately, assets are distributed to your children. This protects your disabled siblings or senior parents along with your kids.