Preparing for your eventual passing is an important aspect of protecting and preserving your legacy. Unfortunately, the fact that this can be an unpleasant task to plan may be enough to discourage individuals from pursuing this option. Yet, preparing and maintaining a will is likely to be a much easier task than you might assume.
Do You Really Need A Will If You Have Limited Assets?
While those that are wealthy will often have fairly elaborate wills and estate plans, it is a reality that most people will have some assets and possessions that they may wish to give to particular individuals. Whether this is a vehicle, family heirlooms or investments, a will is a legally binding document that will ensure these items are distributed to the individuals that you want to receive them. Without one of these documents, the laws of the state will govern the way that the assets are distributed.
When Should You Update The Will Once It Has Been Created?
Having a will created is far from the only thing that you will need to do for ensuring that your final affairs are ready. The will also needs to be updated periodically so that it will reflect your current wishes and plans. Luckily, this is not something that will require much of your time as it is typically only necessary when you have made major purchases or sold assets that were included in the previous version of the will. To be safe, it can be wise to review it at least every few years so that you can be confident that it will be as accurate and comprehensive as possible when you pass away.
Does Having A Will Avoid The Need For Court?
The process of going through the courts to resolve the deceased final affairs is something that most will want to avoid. While a will can help to make the probate process easier, it will still be required in order to finalize the will so that the assets can be disbursed. Without a will, the courts will have to defer to the laws of the state coming to distributing these assets, and this can greatly lengthen the time needed to settle these issues. In order to fully avoid the need for probate court, it may be better to opt for an estate trust. However, this option will generally only be needed for those that have a large number of assets that they want rapidly distributed upon their death.
To learn more about wills, contact people like Davis and Mathis.