It seems there is no need to have a will. After all, isn’t that what next-of-kin law is for? But in reality, it’s not that simple. The disposition of the estate is a topic that should be discussed well in advance and made in writing with multiple witnesses. Without these precautions, a number of things can go wrong.
While it’s easy to find templates online, they may not explain all of the many details that go into drafting a successful will. Lawyers are trained and educated to be able to write airtight wills that can prevent any dispute after the death of a client.
Apart from the basic question of who inherits the client’s assets, several other things must be considered. An experienced attorney can help determine the answers to these questions.
Who are the Designated Heirs?
The first and foremost issue, of course, is to name the client’s heirs. In the absence of a will, the inheritance of the deceased person will be given to the closest relatives, with certain exceptions and conditions. These regulations vary from state to state and are easy to challenge, so it’s best to consult an attorney to determine the heir.
In most cases, the designated heirs are the spouses of the deceased, with the children next in line. However, if necessary, certain restrictions may be placed on who inherits the property, with these restrictions continuing for generations. This is known as entailment and can be done by an experienced attorney.
Who Executes the Will? Lawyers Can Help Decide
When compiling this document, it is very important to appoint an executor. This person should not be an heir, because his job is to ensure that the wishes of the deceased are carried out in accordance with legal documents. This decision should not be made lightly; the executor’s work may last a year or more, and involve careful tracking of all plantation assets and their disposal. The executor is responsible for obtaining an appraisal of each property for sale, executing the sale, and distributing the proceeds according to the will.
In addition, this person must be careful to follow the instructions of the deceased in the letter. Even if the instructions seem unfair, they must be followed exactly to comply with the law.
What are the Tax Implications?
Nothing is certain but death and taxes, as the saying goes, and taxation does not end after death. If the estate is small, the tax implications may be nothing to worry about. However, if the assets of the deceased are of substantial value, they may be taxed upon transfer to the heirs. This tax can be levied by state and federal governments. These tax regulations vary from state to state and can be very difficult to figure out. An attorney can help determine how assets should be distributed to minimize tax implications as well as ensure that all applicable taxes are paid in accordance with the law.
It’s easy to overlook the need for airtight legal documents. However, the lack of specific instructions on the distribution of assets, especially if they are large enough, could result in the entire estate being tied up in lengthy and costly court battles. Avoid this possibility by consulting a qualified attorney.