A Will is a legal document that contains instruction for distribution of your assets upon death. A Will can be an effective method of leaving assets to your beneficiaries, especially if it coordinated with other asset transfer methods like joint ownership and lifetime gifting.
A Will does not deal with management and control of assets should you become incapacitated.
Having a Will does not avoid probate. Upon death, a Will must be filed with, and verified by, the probate court before it can be enforced. The court oversees the probate process to make sure that debts are paid and assets are distributed.
Intestacy
Dying without a Will is called dying “intestate.” If you die intestate, your estate will likely go through probate and assets will be distributed according to state law, meaning that assets may not be distribute as you intended.
Custom Design
Creating a Will is not a fill-in-the-blank document. It is an estate planning tool. Your estate plan should address unique relationships and unique assets. An experienced estate planning attorney can help you understand the benefits and consequences of decisions regarding your Will centered estate plan.
To learn more about creating a Will centered estate plan, call Barfield Law today to schedule your free consultation with Millie Barfield, an experienced estate planning attorney.
