All You Need To Know About Will Planning
Will planning is something very important for the financial security of your assets and estates. A Will is an agreement stating the fate of your estates and assets and it names the beneficiaries who are going to receive the estates after your death. In short, will planning is related to the future of your assets, and if you want to ensure the safety of your estates in the future, effective will planning is a must. A will might change during the person’s lifetime depending on the person’s financial situation and acquisition of assets. Contact the San Antonio will planning lawyer if you need any legal help regarding the will.
Importance of a will
A will ensures the proper and smooth distribution of assets and estates to beneficiaries left behind by the deceased. It changes over time and modifies according to different assets and properties acquired throughout the lifetime. After the owner’s death, the will regulates the smooth distribution of the assets so that there is no conflict between any heirs.
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How is a will prepared?
There are different stages in the preparation of a will.
- Firstly the assets and properties are listed for a proper evaluation of the estates. These may change over time with the acquisition of new assets or properties.
- Secondly, all the debts are listed down as well as the assets which show how much debt you need to pay off.
- Thirdly, beneficiaries or heirs are chosen and listed in the will. They are supposed to receive the assets after the owner’s death.
- Fourthly, an executor is appointed who will take care of all the documents and carry out the terms of the will after the owner passes away.
- Lastly, every will requires the signature of witnesses. In most states, at least two signatures of witnesses are required to legalize the will.
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Who can prepare a will?
A will is a kind of legal agreement therefore it follows most of the rules of preparation of an agreement. Anyone who is not a minor and is of sound mind can prepare a will. People who are blind or deaf can also prepare a will, given that they understand the consequences of the agreement. Someone who is not of a sound mind can’t prepare a will.
Types of will
There are broadly two kinds of will – privileged and unprivileged. Privileged will is an informal will prepared by soldiers, airmen, or mariners who are involved in warfare or expedition. All other wills are unprivileged and need formal and legal requirements for validation of the will.
How can an estate planning lawyer help you?
An estate planning lawyer specializes in the preparation and modification of a will. They help you to prepare a flawless will to prevent any future conflict over your assets.