Whether you are filthy rich or poverty-stricken, it is a legal obligation to have a will as soon as you reach 18 years of age. Some people are not aware of this fact, and several others can help create a legal document for managing your estates after you die. Thinking of your death in the future might sound depressing, but it’s an important step that can help your assets be divided fairly among your future generation. It becomes harder to manage the division of assets or some other wish that the deceased might have had without a will.
This article will list four interesting and crucial facts that you should be aware of before contesting a will.
The Government Decides If No Will Is Available
A person who dies without creating a Will is someone referred to as “dying intestate.” Furthermore, in most cases, the government determines who receives your assets/money and who doesn’t. Some laws related to a Will determine who gets what in a particular situation. Generally, the spouse of the deceased is prioritized to receive the money or assets. The children come next, followed by the parents of the person in question. Further recipients of the property, money, or assets include the deceased person’s grandchildren and siblings. To avoid this confusion of who should receive the money and who shouldn’t, it is ideal that you create a will before dealing with a horrible situation. Without a will, there’s nothing that anyone can do.
There is More Than One Type of Will
Several types of will exist. The most prominent among them is a Last Will and a Living Will. Both are considered two different documents.
A will state the recipient of the will owner’s items and assets when they die. Such a will becomes active at the time of the will owner’s death. It is commonly called a will, a legal document for disbursement of the deceased individual’s estate.
On the contrary, a living will is legally effective while the person is still alive but is not in a physically active condition or/and has no possibility of recovering anymore. Such a will also address the owner’s willingness to pull the plug if they cannot interact or decide on their own. In such a case, the power of making decisions can go to the loved ones. Having a living will is equally important because it provides your successors to make medical choices and critical decisions regarding life and death. Professional attorneys at https://www.phoenixlawteam.com/peoria/will-contest-lawyer/ suggest that it is crucial to keep both types of wills in mind. It is also vital to differentiate between the 2 Will types, so you choose the ideal one for the situation you are facing. Selecting the wrong one can have a harmful effect on you and your assets.
It Lets You Appoint A Guardian
With the help of a will, you can even appoint a guardian for yourself. Appointing a guardian is particularly helpful in a situation where your children require a guardian if you die. Moreover, it feels pretty logical to appoint a guardian to a young individual before they become an adult to make their decisions. It’s also essential to add a guardian in the will if you don’t want the government to do it for you. The guardian you appoint becomes a legal parent of the child after you pass away. You must decide to choose a guardian before it’s too late, and you can also seek the guidance of a professional attorney to help you decide on an appropriate guardian for your loved one.
A Will Lets You Disinherit a Family Member
Being your estate, you decide on who you want to distribute your money and assets to after you die. With a will, you can choose who should receive your money and who shouldn’t. Saying verbally that you don’t want someone to receive your money as your will does not mean anything in front of the law. You need written proof to state your decision, so a will is an important document to testify such decisions. You will have to be very specific in your will, mentioning the names who won’t receive any inheritance.
Besides these facts, there are several other interesting ones that you can learn about from a legal advisor. If you want to create a will to manage your assets and money, we recommend hiring a professional attorney. These people are experts at handling wills and testaments to have fair inheritance after the asset owner’s death. Ensure you follow the state laws governing the creation and use of Wills to get in touch with a reliable lawyer.