If you haven't already created an estate plan, now is the time to do so. You don't have to be a millionaire to specify where you want your assets to go. One of the simplest ways to do so is by creating a legal will. To make sure it's legal, you should work with an estate lawyer. Here are three facts about how lawyers can help with your will.
As many as 60% of Americans don't have a will, according to LegalZoom. If you're not sure about the process, a lawyer can help you. A will is the simplest type of estate plan you can create. The basis consists of naming an executor, beneficiaries, witnesses, and what assets you're leaving. However, some requirements can vary from state to state. For example, some states may have a different number of witnesses you should have. They may also have certain age restrictions on witnesses. That's why meeting with a lawyer is essential to complying with a will in the state you reside in.
When you die, the will goes through a process called probate. Probate is when the state court allows creditors to make a claim or anyone else to come forward to contest the will. However, having a lawyer on hand can help speed up this process. A lawyer can file the will and the related paperwork for you. They can also handle the probate filing. They will double-check everything to ensure the will is in compliance to prevent any issues in the court.
When you go to a local estate or family
lawyer to create a will, they may have better options for you. You can always have more than one estate planning document, and legal professionals can help you. Depending on the amount of assets you have, it may be better to have a trust. A trust allows your assets to remain more private compared to a will. Trusts can also be kinder towards your beneficiaries when it comes to inheritance tax.
When it's time to create a will, you want to use a legal professional to ensure you're doing it correctly. When you contact our law firm, our lawyers are happy to support you with all your estate planning needs. Contact Schmidt & Schmidt S.C. today to learn more about our legal services.
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