Our Wills and Trusts Attorney Explains the Common Elements of a Will

If you have a large estate, you will or have already likely made a will and a trust. However, if you do not have a sizeable estate, it is still recommended that everybody have a last will and testament. While not as complicated as having a will and trust, writing a last will and testament still has some stingy attributes and that must be included. Davidson Law Group’s wills and trusts attorneys will take a look at a few things that need to be included in your will.

Guardianship and Beneficiaries

For most young people, there is often no reason to write out a will. Young people, by enlarge, aren’t making money yet, don’t have a spouse and don’t have kids. However, the reason young people don’t necessarily need a will isn’t that of their age, but because of their status. Once a spouse or a child does come onto the scene, it is time to consider writing out a will.

If you die without a will, it means that you have died “intestate.” If that happens, the intestacy laws of your home state will decide where your assets go, as well as what will happen to your children. So even if you got married young and have kids at 23 or 24, you still need a will. And in that will, you need to explicitly state who you wish to be your beneficiaries and who should be placed as your children’s guardian if you and/or your spouse were to perish.

And this also goes for your spouse. If you were to die and be survived by your spouse and children, a will would outline them as beneficiaries. While this may seem obvious, having a wills and trusts attorney help construct a will writes it in stone and avoids future red tape.

Related Post: Advice for Dividing Estates Equally Among Beneficiaries

Assets and Estate

This is what most people writing out a will are concerned about. If you are an empty nester with adult children and no more dependents, guardianship isn’t a concern. The concern is now what is to become of your assets and estate. While the state system is far from broken, it also doesn’t have the same sensitivity to individual circumstances that you will. This is also a reason why hiring a wills and trusts attorney is important. This phase of the process is more complicated and if your last will and testament isn’t done correctly, it could be rejected by the state.

A last will and testament allows you to distribute your bank accounts, heirlooms, and money to whoever you choose, portioned how you want it to be portioned. A will is also needed in transferring property to your beneficiaries and a wills and trusts attorney is a must for what we call “real property.” The process of passing on homes and buildings is very drawn out and could lead to the need for a trust.

Related Post: How to Manage Your Real Estate Assets

Wills and Trust Attorney at Davidson Law Group

Writing a last will and testament – and perhaps a trust – can be a very complicated venture. You have to know what you need to include in the will, how much you want going to certain beneficiaries and how you are going to authenticate it. Davidson Law Group’s wills and trust attorneys specialize in estate planning and are ready to help you construct the last will and testament you need to assure your family is well taken care of. Contact us in Fort Worth, Allen, or Tyler for a free consultation.