It is important for everyone to make a will. Fortunately, the legally binding Last Will and Testament is not nearly as complicated as most people believe it to be. In addition, a bequest can help your loved ones last longer with state probate courts, who will then decide how to spread your assets according to state regulations - rather than according to your final wishes. Here are some equally important reasons for Making a Wills. Why Everyone Should Have a Wills After passing you need to choose someone to handle your affairs You will need to entrust an honest and trustworthy person to be the executor of your estate. (Note: It does not have to be a member of your family.) The executor or executrix is responsible for listing your property and assets, ensuring that any debts and taxes (including property taxes) are paid. Goes, your property is properly dispersed, and informing your banks and creditors that you are dead, as well as guiding your property through the probate court. (Note: All assets are officially scattered through the probate court, whether or not there is a will, but having a Wills makes this process much simpler.) If you do not choose an executor, state will appoint one for you. , And anyone can petition the court to hold this position. If you do not have a legally binding will, the state will decide who gets what A "verbal" (a request last spoken before witnesses) and a "holographic will" (a document prepared by you without the presence of witnesses) may not have much legal effect in court. Formally prepared Wills are signed by two or sometimes three witnesses, the best way to ensure that your money and property is left to the heirs you intend to leave them. Keep it. Intimacy laws vary from state to state, but in the event that there is no will, a person's property is usually conferred on the immediate family (spouse, children, and parents). If the rest is not an immediate family, your wealth is often scattered between your siblings and their children, or your grandparents, or your uncle and aunt and their children. A will establish legal guardianship of your children if you are still a minor
Parents of young children should be particularly proactive about Making a Wills, as a will establishes that your children's guardian will be in the position that you (or you and your spouse) die prematurely. If there is no will, that decision is also left to the state. If you have a trust, a business, or a large amount of property that you want to divide now among your children or when they reach a certain age, your will make your intentions clear. If you live in a community property state It is important to mention that some states, consider a property that a married couple owns as "community property" , Which means that any property purchased during the marriage is owned by both husband and wife (this includes any debt). If any of you die without a will, then who gets what, the terror laws of your state will decide for you. You can amend your will at any time If your marital status changes, or you decide you want to update the names of your beneficiaries, your will can be formally amended at any time. You can simply draft a new wills or attach a codicil to your existing will. Note that some states also require notaries and codicils to be notarized, so be sure to consult your specific state's terror laws. In either case, the cancellation of your will can only increase its validity. If you want to get legal advice about your Making a Wills, a lawyer who specializes in property laws in your state should be able to answer any questions you have. You can find out more about legally binding willful, unpredictable and estate planning at the Jackson & Associates.
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Jackson Associates Solicitors Belair, South Australia in dealing with Wills, Powers of Attorney, Advance Care Directives and Probate, Deceased Estate Administration services in Belair, SA Archives
November 2020
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