August 13, 2021
An Introduction to Wills
Death can be a difficult chapter in anyone’s life, and the emotions felt at such times can often make someone make irrational decisions. A Will created according to your wishes to dispose of the estate can make this grieving period legally a little less stressful for your loved ones. Wills are an essential part of any estate planning and should be created with sensible factors in mind. An experienced attorney or advisor can help you write a perfect will to distribute your estate, eliminating future complications.
What is a Will?
A Will is a written legal document declaring a person’s choice to distribute their estate after their death. It also includes other wishes of the deceased, including the donations they would want to make, guardians for their children, caretakers for the elderly family, and directions for their burial. It also states who should become the executor to execute everything as per the demands of the departed.
Why is a Will Necessary?
- A Will clearly dictates the distribution of the estate,
- Reduces the burden of the family after your death about legal issues,
- Appoints guardians to the minor children,
- Resolves any competition for the estate
- A will can avoid an intestate where the state will create a will for you based on the guess of how most people want to distribute their estate. It may or may not be in your preferences.
What Cannot Be Done Through a Will?
- A will cannot govern the transfer of non-probate property, which are passed to the living beneficiary directly,
- Any IRA and insurance which already possesses a beneficiary name when it was created cannot be changed using a will,
Types of Wills
- Simple wills: When you have a small estate and a straightforward distribution of assets, you only need to make a simple will. However, you can include guardian names for your children and an executor in a simple will.
- Living wills: A living will is made to give directions about how you want to be treated if you become incapacitated in the future. It is also called an Advance Healthcare Directive. It guides your loved ones to make decisions on your behalf. It is important to note that they become dormant on your death.
- Pour-over wills: These wills are formed when an active revocable trust is already in action. The extra assets that a person may gain after setting up a trust are “poured over” into the trust after the owner passes away. This method ensures that the remaining property is also distributed among the beneficiaries according to the trust’s terms.
- Reciprocal and joint wills: Reciprocal Will and joint Will can be written in the case of married couples or partners. The two parties name each other as their beneficiaries, and the assets are automatically transferred to the other if one passes away. Unlike a reciprocal will, a joint will does not allow the surviving spouse to change the beneficiary name.
About Castle Wealth Group
Are you searching for a reliable and quality company to assist you with creating a will? At Castle Wealth Group, we build a perfect strategy for your retirement, including income planning, Medicaid planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.