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In a recent networking meeting, we shared insights on Financial & Legal matters.
Many of us consider starting our own business whether to have more control, leave a legacy, or want to try something new. Whatever the reason you will need some important resources to make it happen. The videos and information covered during the session(s) related to this topic can be viewed by becoming a member.
Q: What happens if a person dies without a Will?
When a person passes away without a Will, the person's assets are probated or passed through the courts for distribution according to the laws of intestacy. In other words, the deceased person's assets Will be distributed according to the laws of the state—not necessarily according to the deceased's wishes.
The laws of each state vary, but the money and other assets typically pass to the spouse first.
If a person dies without a living spouse, the estate passes to the children, if any, equally. If there are no children and no spouse, but living parents, the estate passes to the parents. Generally, the state Will attempt to find any living relatives and pass the estate to them.
In the event that there are no blood relatives, the estate passes entirely to the state.
Q: What happens after someone who has a last Will passes away?
The probate court disposes of the assets in accordance with the Will and the law.
Q: How do I decide what's best for me?
As you can see, Wills are not necessarily complicated. They are actually among the simplest legal documents. Whether or not a Will is wholly adequate for your estate planning needs depends on your individual circumstances. If you're unsure what you need to protect your family, K Saunders Legal Services. The most important thing is that you don't neglect planning your estate. It's the best way to protect your loved ones and make sure your assets are distributed according to your wishes.
Q: Does a person have to have a minimum amount of assets to create a last Will?
No—a person can create a last Will to dispose of assets worth £10 or £10 million. Of course, the distribution of those assets can have tax implications. For that reason, it is important that you understand how inheritance Will be taxed as you make your estate planning decisions. It is often wise to consult with estate planning professionals, especially for large or complicated estates.
Q: What are the main benefits of a living trust vs a Will?
A Will's main benefit is its simplicity. Anyone can write a Will. The drawback is that your family members may have to wait months or even years until your property goes through the courts and is distributed.
A living trust, on the other hand, can be used to transfer property and assets to beneficiaries without going through the probate process. This can save years of time and thousands in fees. Also, it keeps your estate private, whereas a last Will, once probated, Will become public record.
People often use a Will and a living trust together. A Will can be used in conjunction with a living trust to name guardians for minors and express final wishes not otherwise captured in a living trust.
Wills are important whether your estate is small or large, and whether you are in your twenties or seventies. Making a Will requires certain formalities. Likewise, there are things a Will can and cannot do.
Making a Will requires some serious thought about how you want to divide your estate. Whoever prepares your Will has to follow your state's rules, and the Will must be valid. If it is not, your state's laws will apply as if there was no Will.
The distribution rules under these state intestacy laws are often quite different from what your Will contains, and can result in the wrong people inheriting from you, or receiving the wrong proportions. This is why it's so important for your Will to be prepared properly.
Interested to learn more? Join Ladies 1st
Financial and legal experts recommend basic estate planning for everyone, but there are many misconceptions about how Wills and other estate planning documents work. Don't let unfamiliarity stop you from properly planning your estate.
Here are some frequently asked questions and answers to better acquaint you with the estate planning process.
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