A recent study found that only 42 percent of adults in the US have a will. When those that do not have a will were asked “why not?” the answer was almost universal, “I have not taken the time to do it.” If you are in the 58 percent that has yet to make a will, it is time for you to contact an estate planning lawyer in Stanton and get it done.
Why have a will?
Examples abound of well-to-do individuals who died without a will, and their heirs had a lot of problems. You do not have to be rich to leave a mess behind for your beneficiaries. Having a will eliminates much of the confusion and difficulties of transferring title of assets to others. A will is a set of commands given to the chosen executor of your estate on how and to whom you want to divide your assets.
Many of your assets can be distributed as you wish, however, real estate is generally transferred to a new owner by title, beneficiary, or probate. Property that is jointly held by two people; usually husband and wife, upon the death of one, the property passes automatically to the survivor. Other assets such as life insurance policies and retirement plans are transferred to named beneficiaries.
If you do not have a will, a judge will determine the disposition of the assets of the deceased following state law.
For fear of eventual incapacitation, many people have two legal documents; a living will that states how they wish to be treated upon their death, and a durable power of attorney that names an individual that you trust to make necessary decisions should you not be able to.
A simple error on a will can change the entire meaning. To ensure that your wishes are carried through upon your death, it is advisable to work closely with an estate planning lawyer in Stanton.
A will is a very important document. Without it, your estate will not be distributed in accordance with your wishes. To discuss the creation of a will and other important estate planning documents, work closely with an estate planning lawyer in Stanton. You are invited to contact the Law Offices of Norman J. Homen.