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Each state has different laws that govern what happens if a person dies “intestate” or without a will. Dying without a will gives the state power over your assets and the distribution of said assets. Normally, the distribution of the assets is given to the spouse and children of the deceased or to another family member. The state’s distribution is based upon the estimation of how most people would divide their wealth in the event of death.

The problem with letting the government rule where your assets go after you die is that, most likely, they will not follow what would have been your wishes. Perhaps you’d like to leave a piece of property to your sibling. The state will probably not do this. If you’d like full control of where your assets will go when you pass away, estate planning is essential.

What Is a Will and Why Should You Care?

A will is a document that states how a person’s assets and personal properties are to be distributed in the event that the person dies. In a will, you can choose exactly who gets what. However, keep in mind there’s a circumstance called forced heirship laws, which protect the rights of spouses and sometimes children from being disinherited. In some states, there are spousal rights of election laws, which allow a living spouse to receive a portion of the interest in your estate, no matter what your will says.

Wills range from very simple to very complex. Tax objectives and family goals are taken into consideration when writing a will. The simplest forms of wills spell out the distribution of assets. Other wills may also specify who would care for a child in case the parent dies, which minimizes the state’s involvement in your child’s care. A will can also appoint a trustee to manage your property funding, as well as an executor of your estate.

The most important benefit of having a will is that you can distribute assets to people that the state would not give anything to if you die without a will. For example, in a will you can benefit godchildren, stepchildren, a friend, or donate to charity.

How to Get a Will

A qualified lawyer can help you create your will and will make sure it conforms to the laws of your state. Once the will is formulated, it must be signed in front of a witness. In some states, it’s required that the will be notarized.

Wills can be amended. This amendment is called a codicil. A codicil is signed with the same formalities as the original will. A qualified attorney must also handle codicils to make sure they have legal standing in order to avoid any issues in the future. One final note on wills: If you own joint property with someone else as joint tenants with right of survivorship, the property will be automatically passed directly to the joint owner upon your death and is not going to be part of your will.

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