If you want to draft a will, you may want to talk to a will lawyer O’Fallon MO residents trust. A will can be a complex document, and it helps to have someone with experience on your side to help you. An experienced will lawyer can help you create a will that fits your needs and desires.
Why It May Be Important to Draft a Will
Wills are no longer just for the rich, as a will lawyer in O’Fallon MO can attest. They’re actually beneficial for anyone with assets and/or minor children. Let’s take a closer look at some of the benefits of drafting a will:
- You Can Ensure Your Assets Will Go to the Right People: When you draft a will with the help of a will lawyer O’Fallon MO locals respect, you can list which heirs should receive certain assets. For example, if you want your daughter to receive your house, you can include that in your will. This way, there won’t be any arguments between family members about who is supposed to get what.
- You Can Decide Who Will Take Care of Your Minor Children: A will also allows you to designate the person you want to take care of your minor children if you die. If you don’t have a will, the court will have to decide who will care for your kids. They may name someone who you would not want having responsibility for your children.
- You Can Minimize Estate Taxes: You do not want your loved ones to worry about paying a big tax bill upon your death. That can be a huge burden in addition to dealing with the grief of your passing. If you have a skilled will lawyer O’Fallon MO residents rely on to assist you in drafting a will, they may be able to significantly reduce the estate taxes your heirs will have to pay.
- You Can Disinherit Individuals: Another advantage of having a will in place is that you can disinherit certain individuals. For example, if you are estranged from a relative and do not want them to inherit your assets, you can cut them out of the will. Without a will, there is a standard process that the court will follow when disbursing your assets, and that may include someone you don’t want to be included.
- You Can Make Gifts and Donations: With a will, you can continue to give gifts and donations to causes that are important to you after your death.
- You Can Make Changes to Your Will At Any Time: The great thing about a will is that it can be modified at any time. If there is a change in your life, such as a birth or death, you can ask your O’Fallon will lawyer to make the appropriate changes.
What is a Will?
A will is a legal document in which a person (the “testator”) names one or more people to manage their estate when they die and gives instructions to those people as to how to distribute their estate. Those named individuals are commonly known as executors but are called personal representatives in Missouri.
For individuals with minor children, a will can also list the chosen guardians of the minor children if they were to pass away. A will can also create a testamentary trust for minor children, which creates a trust to hold minor children until they are old enough to inherit.
Wills can distribute property by category, by percentage, by dollar figure, or in other ways. There are formal requirements in most states as to how a valid will must be created.
A will can typically be revoked or changed at any time by the person who created it. An amendment to a will is called a codicil.
A will that is created in conjunction with a trust is often referred to as a pour over will. In this case, the will act as a safety net to distribute any assets that were not placed into the trust prior to the death of the person who created the trust.
When a person dies without a will, that is referred to as “dying intestate”, which simply means they died without a will in place and the laws of intestacy of the state where they resided will control the distribution of their estate in probate.
A common misconception about wills is that they avoid probate. A will does not avoid probate, but it does ensure that estate assets are distributed according to the terms of the will rather than by the laws of intestacy, which may greatly differ in the terms of distribution. A will is one of the cornerstones of any good estate plan.
Contact Our Wills Lawyer Today
Don’t wait too long to write a will because tomorrow isn’t promised. If you have a will lawyer O’Fallon MO locals depend on to help you draft a will, you can have peace of mind knowing your heirs will be taken care of upon your death. Schedule a consultation with a qualified will lawyer at Legacy Law Center today. If you would like more information about hiring a will lawyer O’Fallon MO offers, call (636) 486-2619