WILLS and PROBATE
With proper estate
planning you will give yourself peace of mind.
A person
does not need to have a large estate to plan and prepare a will. Anyone who has
a child, owns property, whether "personal property" such as cash,
stocks, jewelry or furniture, or "real property," such as land and/or
a house, should prepare a will. If married, each spouse should have a will.
A will is a legal
document that determines what happens to your property after your death. A will
states who receives property and in what amounts.
In addition to distributing
or transferring property, a will may be used to name a guardian for any minor
children or to create a trust and designate a trustee to handle an estate
(property left after death) on behalf of children or others. This is especially
important if you have a blended family.
DYING WITHOUT A WILL
When there is no valid
will, the person is said to have died "intestate." A court appoints
an administrator to handle the decedent's affairs, and his or her property is
then distributed according to a formula fixed by law. The laws for distribution of an intestate estate
are rigid and generally do not make accommodations for those in unusual need.
After payment of taxes, debts, funeral expenses and administrative costs, the
property goes to the surviving spouse, children and/or relatives. The laws are
specific as to how property is to be distributed, including which relatives
have priority and how the property is divided.
Drafting
a will is an important and sometimes complex matter that involves the judgment
and skills of an attorney. It is a critical process that requires legal
knowledge, informed decision-making, and coordination with other estate
planning documents. The Law Office of Antoinette Welch can help you with this
very important matter.
