What Is a Will and Its Components?
A will is a formal document that specifies what is a will and how you want your possessions and financial resources to be divided up after your death. Additionally, it might detail your desires for the care that will be provided for your children in the event of your passing. Wills also include the naming of an executor, who is the person responsible for following out the instructions outlined in the will.
You can prepare a will by working with an attorney who specializes in estate planning. On the other hand, you can also find a lot of resources on the internet that can guide you through the process of writing a will. Quicken WillMaker & Trust and Trust & Will are two of the most common choices in this category.
Because it lays out everything in black and white, having a will is almost always a good idea. If you do not leave a will, your heirs may be forced to spend a significant amount of time, money, and effort finding out how to split your assets through the estate court system in your state. This can be a very expensive and long-consuming process.
The Consequences of Not Having a Will
In the event that you pass away intestate, which literally translates to “without a will,” the succession rules of the state in which you reside will be used to decide how your assets are distributed after your passing. This procedure can take a long time, and during that time, your assets could end up in the hands of those that you would have preferred they not have gone to.
Ask an Estate Planning Attorney Today
For more information, go to Hudack Law Estate Planning Attorney and areas of service. We proudly serve California and Arizona; please call our California line at (877) 314-4309 or our Arizona line at (602) 777-7882.