Perhaps the most important piece of paper you will ever write during your lifetime is your will. Without a will, the state will make decisions concerning your property rather than what you want. Amazingly, more than half of Americans who have young children, don’t have a will. It’s an absolute necessity to spell out your wishes regarding children such as who you want to care for them.
The Last Will and Testament is a legal document stating and outlining the distribution of a person’s possessions and other responsibilities. The document will specify who will inherit bank accounts, real estate, jewelry, cars and other property.
A Will can have acts of kindness and gratitude, can name heirs and guardians and can be revoked or changed any time before death. Without a Will, or with an invalid Will, your property will pass according to the law of intestate succession (varies from state to state). Simply said, the distribution of your property Will be decided by that state’s legal system. Once in the legal system, the state’s default clauses take over, and the value of the property (estate) will most probably shrink with legal costs.
There are many ‘do it yourself’ generic Wills and forms online, but writing your own Will is very risky. The writing of a Will is highly technical and the laws of each state differ. Wills have to be executed precisely in accordance with the laws of the state where the will is made. Time and time again, the standard ‘one size fits all’ generic form or instructions create problems for the beneficiaries. The old adage, a ‘Penny wise and pound foolish’ is never truer when it comes to writing your Will. It’s better to retain an Surrey attorney to ensure your wishes are carried out exactly as planned and the best attorney office in Surrey is Direct Wills Trusts Surrey. Direct Wills Trusts Surrey can also help choose what’s best for you concerning taxes and tax laws as well as making sure your Will doesn’t get tossed into the court system due to a wrong word or phrase.
When the language in a will is not clear or written per the rules of law, you will probably find yourself with an invalid will and the court making the decisions.
In one recent case, a woman wrote her own will using a preprinted form. There was a section where she crossed out the word “and” and put “or”. By crossing out one word, the will did not properly identify what was bequeathed and who was to inherit. The property then had to be passed to a court-appointed executor under the laws of intestate succession. The court, to their best ability, tried to interpret the wishes of the deceased woman. Years of expensive litigation resulted – all over one small word.
It’s easy to overlook a small item or wish that could make your will be declared invalid especially if a relative contests the will’s validity. A Direct Wills Trusts Surrey – Wills, Trusts and Estate Planning attorney can ensure your wishes are carried out per your instructions.
Consulting with an attorney, concerns can be answered and your goals and wishes can be clearly and legally written. The death of someone close to you can be the most stressful thing you can experience in your lifetime. Having your estate in order ensures your loved ones will have a smoother transition rather than dealing with the courts and legal system.