A will is a legal document that outlines your wishes for how you want your legacy to be handled after death. If you pass away without having written a will, what you would have wanted to happen with your assets is not guaranteed to be carried out. Furthermore, your heirs may spend more money, time, and energy in settling your affairs after you have passed on if there isn’t a will to reference. There is no single document that resolves all issues after death, but the one document that comes fairly close to that is the last will and testament.
If you are wondering if you should have a will, chances are the answer is yes. Many people assume that estate planning is only helpful for those with excessive wealth and plenty of assets. But anyone, no matter how much wealth they have, can benefit from an estate plan. This is because an estate plan essentially is what helps a person’s legacy get distributed smoothly to future generations. So even your sentimental items that may not be high in value are still going to be cherished by those you care about the most, so it’ll be important to have a legally-binding plan that ensures this happens.
As a will lawyer Fort Collins, CO families depend on from W.B. Moore Law would advise clients, you must be clear in your will about who is to get your assets. You can choose who will receive specific items or money. You can also instruct that certain people are not to receive any portion of your estate, and this is particularly true for those who have estranged relatives or people that they anticipate would make trouble for grieving family members. With a will, heirs can get access to assets faster and easier. You can choose to give gifts to charitable organizations as well, which can be useful in offsetting estate taxes.
To see to it that your wishes will be carried out as you want after death, you will need to establish what is referred to as a testamentary will. Your lawyer can guide you through preparing the document, signing it in the presence of witnesses, and then putting it in a safe but accessible spot for your executor to find later on. Your executor is the person you appoint to handle your assets and affairs after your death. If they cannot locate documents that they need to distribute your estate, it can make their job unnecessarily difficult.
When writing your last will and testament, be wary of programs online that claim how easy and simple it is to generate one for you. These basic programs are not nearly as reliable as what your lawyer can help you establish. It is advisable to have a legal team go through the steps of writing a will so that you can avoid errors and make sure your assets are fully protected for the future.