Estate Planning | Why a Will Is Crucial When Working on Your Estate Plan
Estate Planning| When an elderly person has certain assets that they want to keep safe and hand over to the right person, they need to make a will that will dictate how they want their assets distributed after they pass away. This documentation has no effect until the person dies, and it can be changed while they are alive. For the document to be valid and official, it does require certain things under the state law, which includes the number of witnesses, whether the document is handwritten or typed out and other requirements which are simple to understand and can easily be done through an elder law estate planning attorney.
Why Do You Need a Will?
No matter how old or young a person may be, whether they are married, divorced, in good health or bad, everyone should have a will to ensure that the property they own is handed down to someone they love and trust. A Will is usually signed over to someone who is related to the owner of the property and it cannot be distributed among friends or certain favorite charities. An elder law estate planning attorney will help them with this procedure.
What Can You Do with Your Will?
When an elderly person needs to make a will for them, they have the option of doing 6 things. These things will make it easier for them to decide who to give their Will to and who will get the property, causing no family disputes among one another.
Deciding who gets all the stuff when they are gone
Giving the name of an executor
Choosing a guardian to take care of their children
Deciding a property manager who will manage their children’s properties
Providing caretakers for their pets if they have any
Providing a backup will for their living trust and other estate plans