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Deciding who and what to include, and exclude, from your will can be difficult. This section provides information on what you should consider when having your will created such as planning for spouses and children, the transfer of a family business and the state law limitations that you may face in dividing assets, investments, gifts and out of state property. It also addresses decisions you may face in the future such as changing your will when your financial, marital or personal situation changes.
Unmarried Couples and a Will
Without a Will or Living Trust, unless you have a legally recognized common law marriage (heterosexual couples only), a registered domestic partnership, a civil union, or a valid living together contract, your relatives will inherit everything.
Deeding a Home to Your Kids
Putting a child’s name on the deed in any manner – by transferring the home to the child outright or making the child a co-owner (whether as a “tenant-in-common” or a “joint tenant with right of survivorship”) gives the child a permanent ownership interest in your home.
Assets That Do Not Pass Under a Will
Depending on the types of assets you own and how you hold title to them, you may not be able to convey all of your property to beneficiaries using a Will.
Keeping Some Assets Out of Your Will
There are estate planning tools to keep some of your assets out of your Will.
Choosing a Property Guardian for Your Minor Children
The law does not permit minors to assume legal control over property left to them in a Will. This means that you need to be sure that a responsible adult will handle the money and property you leave your children.
Options for Distribution of Assets in Your Estate
There are four basic options to distribute your assets, such as gifting, inter vivos trusts, distribution on death through your Will and distribution outside your Will.
Naming a Guardian for My Children
No function of your Will is more important than naming a guardian for your minor children; and nothing can be harder than picking that guardian.
Out of State Real Estate In Your Will
A Will is especially important for those owning property in more than one state. As state laws vary, unless you have a Will, your principal residence in your home state may be divided one way, while that vacation home may wind up divided differently.
Planning for Your Disabled Child in Your Will
While routine estate planning can be daunting, planning for the care of your disabled child after you die can be a nightmare, and leaving an inheritance to a disabled child can create more problems than it solves.
Write Your Own Will, Use an Online Form Service or Hire an Attorney?
This article discusses the choices you have in writing your Will: do it yourself, use an online will service or hire an estate will attorney.
Dividing Your Assets in a Will
Dividing your assets in your will, such as your home, car, furniture, bank accounts, stock, insurance policies, will minimize family meltdowns over distributions, especially if you are precise in your wording of your intentions.
Disclaiming Inheritances
When someone “disclaims” an inheritance, they refuse to accept all or part of it, whether it is money, real or personal property.
Changing Economic and Financial Status Prompt Review of Your Will
Any time the size of your estate changes significantly, either up or down, you need to take inventory of your assets, then see a financial planning expert or an estate attorney to review your Will and any other estate planning vehicles, to determine if they suit your new economic and financial status.
Leaving Gifts to Minors in Your Will
If you have young children, your Will can be used to address who will supervise the property you leave for them.
A Will Prepared by an Attorney
A Will prepared by an attorney is individually designed and professionally crafted for you.
Family Business and Your Estate
Many estate-planning tools can be used to transfer your business, but selecting the right one will depend, in part, on whether you plan to retire and let someone else run it for you, sell it, give it away, or keep running the business until you die.
Fairness in Division of Family Assets
The easiest way to avoid conflicts and hurt feelings in distributing your assets in a Will is to give an equal amount to each child; but this does not necessarily mean fairness.
When should a will be prepared and signed?
If you have minor children you need to have a Will to name a guardian who will care for your children in case both parents are killed or incapacitated. If ...
Why not wait until I am very ill?
We all put things off until tomorrow, but in the case of a Will, procrastination can be disastrous and have major consequences. Every state has laws that determine where property ...
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