The most important aspect of estate planning is the will. It is the only document that dictates how you intend to distribute your property upon death. This includes tangible and intangible assets like money, real estate, personal belongings, and intellectual property. Without a will, state law determines how to divide your assets. This is why it’s crucial to have a will trust attorney review your will and discuss any revisions needed before executing your last will and testament. This article will go over the importance of having a will trust attorney and what can happen if you don’t take this step.
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Why would you want to remove your trust protector?
Your assets can go to the state
Without a will, state law determines how your assets are divided. This means that some of your property could end up going to individuals that you never intended or to the government. For example, if you don’t have a will and die without children, the law could result in an ex-spouse receiving an inheritance. In this case, they would be entitled to one-third of your estate. Or, if you die and own a home, the state can take ownership of that home and not to the person or persons you intended.
Guardians for your children
Additionally, if you don’t have a will and die with children under 18 years old, the court may appoint a guardian or trustee for those children until they reach 18. Further, a judge may decide who becomes your child’s legal guardian or trustee. If you intend for one specific person or persons to take guardianship of your children in the event of your death, you need to name them in your will.
Assets can be divided how you wish
When you execute a will with a will trust attorney’s review, you get to decide who inherits your tangible assets like money and property. You also can determine who gets custody of your intangible assets like intellectual property. You can protect these assets by putting them in trusts and other structures providing their care after your death.
Is Your Will Up to Par?
If you want to make sure your loved ones are taken care of properly, you need a will. Without a will, the state or judge will pass down your assets in accordance with the laws of intestacy. This means your assets could go to a person or people you did not intend to inherit them. This may not be what you want!
We Can Help
Do you have a will trust attorney? Does your will include provisions that are in accordance with your trust? If you don’t know the answers to these questions, it may be time to take a closer look at your will.
Estate planning is a necessary process that every adult should go through, and they should do it sooner rather than later. With an estate plan, you’ll be able to determine what happens to your assets when you die, protect your family’s inheritance, and ensure that your wishes are fulfilled.