The Basics of a Will for Estate Planning
- July 24th, 2019
Many people consider estate plans as a need for the wealthy, but the truth is that everyone who has any property at least needs an established will to be used as an advanced directive in case of an untimely death. Distribution of property and information regarding health care are best controlled with an official valid document explaining your wishes. Of course, anyone with extended assets of any amount will need a comprehensive estate plan that is structured in a manner that protects as many assets as possible. Individuals who die intestate will have their property distributed according to state law through the probate process, and an effectively structured will can actually be used to bypass the probate process completely when your situation is evaluated by a legal professional like those at Faloni & Associates Fairfield NJ estate planning attorneys.
What Can Be Included in a Will
The most practical will be relatively simple and to the point. Typical directives begin with disposition of personal property to whomever you choose, including real estate, automobiles, and bank accounts. These items are often automatically distributed to a surviving spouse, but single individuals will need their wishes known in many cases. A will can also include a directive for guardianship of minor dependent children, an assignment of an executor to your estate, and assigning a power of attorney for both finances and health issues. The latter can actually be two different people.
One of the best advantages of a good will is that it can position an estate for bypassing the probate process, which can be a problem when children can be positioned according to state law. Another basic problem with the probate process is possible tax implications and vulnerability to outstanding creditor claims. These issues can all be sidestepped with a will that is designed by a legal estate planning professional.
While many people do not want to address their own mortality, it is still important for those left behind to have your wishes known and legally valid before the eventual happens. Contact the estate professionals at Faloni & Associates Fairfield NJ estate planning attorneys for more information on the importance of a basic will.