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Title: Law/Services/Paralegal Services/Estate Planning - Bruce E Castro Offering will preparation services. |
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Free Wills information and services regarding Why are wills so important. Are wills important? Wills, trusts and estate planning is absolutely vital to the future security and protection of your family. Don't underestimate the importance of wills and proper estate planning Why Wills and Estate Planning is Important
Free
Wills information and services regarding Why are wills important.
Are wills important? Wills, trusts and estate planning is absolutely
vital to the future security and
protection of your family. Don't underestimate the importance of wills and
proper estate planning.
10
GOOD REASONS WHY WE SHOULD HAVE WILLS
If you've been putting off making a will, because the thought of
your own demise is too much to bear—stop, and think of your family first.
Here
are the ten most compelling reasons why it's important to your family that you
take action and make a will, and remember to keep it current.
If you die
without a will...
1.
The court will appoint an administrator, for a fee.
The administrator will
distribute your money and your belongings according to state law. You don't
want this to happen because a court-appointed administrator won't know your
personal interests and keep your needs in mind. With a will, you choose the
person, called an executor, who sees to it that your property is distributed
according to your specific wishes.
If you die
without a will...
2.
Your spouse may end up with less than s/he needs.
Your surviving spouse
may not have enough funds to make ends meet because, for example, more money
may go to your children than you wanted. In your will, you can make sure that
your spouse gets enough money to live comfortably.
If you die
without a will...
3.
Your assets may be divided equally among your heirs.
If there is no
surviving spouse, your assets will be parceled out equally among your heirs.
You may not want this to happen. For example, you won't be able to protect
your assets from an adult child's creditors or the financial ravages of a
divorce decree. Or, one adult child may be well off and not need the money
while another child really could use some financial assistance. Also, you may
have another family member or friend you want to help and, without a will, it
won't be possible.
If
you die without a will...
4.
Your grandchildren may not get a cent.
When no beneficiaries
have been specified, most state courts will grant an estate's assets first to
a surviving spouse, then children, often leaving out the generation after.
With a will you can allocate assets to go to grandchildren and, through a
trust, you can name a guardian to manage their financial affairs until they're
ready to do so on their own.
If you die without a will...
5.
Your stepchildren may get nothing.
Because most states
define heirs as "blood" relatives, stepchildren may not be
recognized as heirs. An exception may be made when a stepchild has been
legally adopted. A will, however, can insure stepchildren are not left out.
If you die
without a will...
6. You can't name a guardian for minor children.
Without a will, you
may not get the guardian you want for minor children. With neither parent
alive, the grandparents are the natural guardians of minor children, but it
may be up to a court to decide which set of grandparents.
If you die without a will...
7.
You won't be able to minimize estate taxes your children or other heirs might
have to pay.
You and a spouse can
shelter as much as $1.3 million of assets from federal estate taxes by setting
up trusts within your wills. You'll need the help of an experienced
professional to draft the wills for you.
If you die without a will...
8.
You can't leave your favorite things to your favorite people.
With a will, and an
adjoining letter of intent, you can specify who gets what. It's a good way to
avoid family fights. A letter of intent is like a laundry list of items with
the corresponding beneficiary. (Note: In some states, letters of intent can be
changed from time to time without having to re-do the will).
If you die without a will...
9.
You can't leave contributions to a church or charity.
State laws do not
consider religious and charitable institutions as heirs. Only a will can spell
out how your money can be passed to non-heirs and insure your favorite charity
gets a donation.
If
you die without a will...
10.
Your loved one could lose his/her benefits.
You may cause a
problem if money ends up going to a parent or other family member who's being
cared for by Medicaid in a nursing facility. Medicaid has strict income
qualifications. The added income may disqualify your loved one for continuing
to receive benefits.
In
today’s society and with today’s government, which has the general
mindset, that it knows better than you, what is best for you. It has never been more important than now, to be certain that
you are the person making the decisions that will affect your family, friends
and loved ones for years after you are gone.
Do
you need an attorney? Probably not.
The will has been around in substantially the
same form for about 500 years. For the first 450 years, self-help was
the rule and lawyer assistance the exception. They were prepared by
laypersons and were perfectly effective. What has changed?
Virtually nothing-- other than good campaigning by attorneys. Over the
past 50 years they have done a great job of convincing the public that it is
dangerous to draft a will without their "expertise" like performing
your own brain surgery (they charge about the same) -- (And I have first
hand knowledge of this-- Click
here for a bit about me). The reality is that the basic
laws (statute of wills) that govern wills has undergone little change.
And lawyers simply are not necessary-- unless....
Do you have a very large estate? Over a million? Do you want to engage in some
sophisticated tax planning? If this is the case, it may be wise to
consult with someone who has knowledge and experience in wills and estate
planning. Otherwise, save your money!
Remember, the hardest part is figuring out what you own and who you want it to
go to. Provide us with that information and we do the rest and insure
that your will conforms to the minor variations from state to state to insure
that you not the state determines
who gets your property.Click
here for Immediate Online Will Preparation
Services.
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http://www.affairsoflife.com/will.htm
Bruce E Castro 2008 October
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Offering will preparation services.
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