Everybody has heard of a Will, but not everyone has one. Many people think you have to be rich to have a need for a Will but that’s simply not true. Everyone has some property at the time of his or her death. A Will ensures that your property will be distributed to your friends and family in a way that is fair in your mind or in the manner in which you want it to be distributed at the time of death. Keep in my mind that a Will is a legal document but it does not take effect until you are deceased. This means that, until you die, you can change or entirely revoke your Will. Your Will’s terms are not binding until you pass away. Then and only then can it be submitted to the court through a process known as “probate.” Probate means that the person who has the Will has died and the Will is being presented to instruct the court on how to divide and distribute the deceased persons’s property among the named family and/or friends.
Death is a hard subject to discuss with your loved ones and it is not always easy to get their attention when it comes to discussing who should get what in a Will. Some relatives shy away from this type of discussion while others want to argue over such matters. It is much easier to plan ahead than to wait until you are sick or elderly to draw up your Will. If you plan ahead, it will only take a day or two out of your schedule to write down your most significant property interests and to decide how you want those interests divided at your passing.
The biggest asset most people have is their home. Thus, a home provides a good example for division or distribution in a Will. First, decide how you want to dispose of the home in your Will. You can do this by either instructing that it be sold and the proceeds divided among your named relatives, friends, or others (such as businesses or charities) or you can choose to distribute it (transfer it at death) to one or more persons or entities at the time of your passing. This decision should be made with your spouse if you are married.
Once you have made a list of all your assets and the manner in which you alone or you along with your spouse want the property distributed or divided, you should look for a reputable attorney to help you transform your wishes into a Will. As with many other purchase decisions, cost is a relevant factor but choosing an attorney based solely on price can be dangerous. You should look for a competent lawyer that will sit with you to discuss your wishes, look at your property interests, and decide with you the best option to achieve your goals. Talking with the attorney is the best way to gauge if he or she is reliable and competent to draw up the legal document that will convey your goals in distributing your assets at the time of your demise to the probate court.
Once you have chosen an attorney and the Will is created, it is best to choose a secure location to keep the Will. Many people keep their Wills in a bank safety deposit box along with other important documents. Of course, it is crucial that you notify someone of the whereabouts of your Will. You should usually notice the “Executor,” the person named in the Will to carry out distribution of the assets, of the existence and whereabouts of your Will. After you have completed these important steps, you can rest easier knowing that your property and your loved ones will be taken care of at the time of your passing.
Sullenger Law Office, PLLC would be proud to assist you with planning and drafting your Will, power of attorney, or other estate planning document. Contact our office at (270) 443-9401 or visit www.sullengerfirm.com/estate/index.html.
