Talking about death is not easy and many people find it uncomfortable. You need to have a plan in place for your estate once you pass away to make sure that your assets get distributed fairly. Here is a quick list of some of the most commonly asked questions when planning an estate or will.
How Do I Leave Assets to a Specific Person?
If you want to distribute your assets after you have passed away and dictate who they will be distributed to then you need to set up a will. A will is a legal document that will let the court know exactly how your estate should be divided. In your will you will need to name a executor to handle the estate affairs once you're gone, as well as a beneficiary to receive the proceeds of the estate.
What Happens If There Is No Will?
If there is no will left by the deceased to let the estate know what is to happen to the remaining assets it will be differed to probate court. The court will oversee the distributions of assets and remaining money left in the estate to pay any remaining debts. After all the debts are paid, any money that is left over will distributed by the courts to the spouse, children, or closest next of kin as seen fit by the courts.
What Happens to My Children?
If you have dependent children that require support and you are the last remaining guardian then you will need to name someone to take parental guardianship. In the will you will indicate who should become the legal guardian of your children if both parents are deceased. You can name a family member or friend but ultimately it will be the court that decides who gets custody. The person that you indicate in the will be factored into the final decision by the court and it has legally been indicated in your will.
When planning your estate you should consult with a professional attorney to make sure that everything will be legally binding. They will have the legal training and expertise to be able to sit down with you and work one on one to come up with a estate plan that works for you. Consult with an attorney that specializes in wills and estate planning is the best way to make sure that your assets are divided as you see fit. For more information, contact Auton-Beck Betty A Professional Law Corporation.Share