Many people do not think of the legal implications and consequences of their wills until they are in a tragic accident or death. Many times, these individuals could have saved themselves a lot of trouble if they had completed their will while they were still alive. A properly executed wills can save your family many stress and financial problems later in life. This article discusses the difference between drafting your own wills versus using an estate attorney to draft your will.
What is a will?
A will is a legal document which allows you to determine who gets what when you die. It outlines who should retain your assets after you die and how they should be managed. In addition, the will states how much of your property you want to donate following your death and states where those assets should be donated. By having this document in place upon your death, it helps prevent any unnecessary problems on behalf of your estate.
What are the benefits of having a will?
Having a will allows you to address any potential issues that may come up when you die. Some of these include:
- Disputes over who the children should live with after the parent’s death.
- Governance of assets and property if disputes arise between family members. Also, if a person is a minor, it can prevent them from losing their property or assets if they become an adult.
- Preserving family unity and relationships.
- Laws regarding the ownership of property can take away assets if the owner is not mentally or physically able to care for them. While it is important to make sure that your wish regarding your assets come true, it is important to have a will in place that addresses these situations before they arise so that you achieve maximum independence with your money.
- Having an estate can be very expensive for others to manage and control during the duration of the deceased owner’s life. With a will in place, your wishes and final instructions will be followed.
Should I Write My Will Myself or Hire a Probate Lawyer?
If you are unfamiliar with the legal system and estate laws, you may want to consider hiring a probate attorney to help draft your will. A probate lawyer can not only help you prepare a will, but will be able to answer any questions that may arise about estate laws as well.
Here are a few key factors that make hiring a estate planning lawyer beneficial:
- Safety
If you do not have a will and die without one, your assets will be distributed according to the laws of intestacy, which is complicated and often unpredictable. Your estate planner can help you draft your will which addresses the potential problems of an intestacy situation. - Time
A probate attorney can help you draft a will at a time that is convenient for your family. If you have children, you might want to leave them with your assets for a longer period of time. Or, if you do not trust any of your family members to manage your assets, a probate attorney can help you create a will that protects these assets from any problems that may arise after death. - Convenience
A will allows you to leave specific amounts of money or property to certain people or charities instead of having the state distribute everything at death. You can also leave instructions as to how your children are to be raised, what you want them to accomplish with their lives, or how you want your assets managed up until their maturity. A probate lawyer can help you draft a will that encompasses all of these factors and more. - Legal Binding
If your will is contested, an estate planning attorney can provide you with the legal knowledge and advice to resolve any issues that may arise. If you use a friend or family member to draft your will, they may not be able to answer questions in court or provide support that is legally binding. - Reduce Your Loved One’s Tax Burdens
A probate lawyer can help you ensure that your money is distributed in a tax-efficient manner.
The biggest advantage of hiring estates lawyers near you is that you are protected from future problems that can arise as an unintended result of not having a will. You can rest easy knowing that your last wishes will be carried out exactly as you would like.
However, if you are comfortable working with the law and writing your own documents by hand or by using an on-line application, then writing your own will is an option. A will which is hand-written by the owner of the estate is a valid legal document. This means that your family will be required to uphold the will as they would any other legal document. If any problems arise, your family may be held responsible for the outcome.
What Should I Do to Protect My Assets?
Once you have drafted a will, you should make sure that your assets are protected from any problems that may arise. If there are disputes over the will, you can create a trust which states the intention of where you want your assets to go. By having a trust in place, it will protect your assets from being contested during the process of probate. The laws of intestacy will then be applied to the trust, which will direct the assets in accordance with your wishes.
Conclusion
Being prepared for death is vital to maintaining good family relationships and can save your loved ones from undue stress. Hiring a probate lawyer to help you create a will can be very beneficial in avoiding and addressing any potential problems that may arise after death. If you would like more information about wills or estate planning, please contact an estate planning attorney near you.