Many families are aware of the importance of providing for their loved ones. They accumulate wealth in bank accounts, stocks, family businesses, and other assets. Once you have built your wealth, how do you ensure it is properly bequeathed to the right parties after your death? This can be accomplished through a will. Wills ensure that your assets are distributed to the right parties in the right amounts. The estate planning attorneys at Isbel Law Firm help families through the process of writing a will, ensuring that it meets all the proper legal guidelines.
What are the benefits of having a will?
- With a will, you can choose someone you trust to be your executor, the person who manages your estate after your death
- In a will, you can set the terms on who receives your assets, including how and when they are distributed
- If you establish your will proactively, your children will be covered by your will in the event of your untimely death
What are the types of wills?
Simple wills establish the distribution of wealth for individuals whose assets are simple. A simple will declares which assets are to be distributed to which beneficiaries and determines who will be executing the will. Simple wills are generally straightforward and easy to draft. However, having the assistance of an estate planning attorney can help you to avoid any mistakes when drafting your will.
Testamentary trusts are wills that place a portion of your estate into a trust. Trusts distribute your wealth to a beneficiary through an elected third party. The executor of the trust manages how and when the property is to be distributed. Having a trust allows you to gradually dispense assets to a beneficiary over time, rather than in a single lump sum. This is beneficial to parents who have young children, or to parties who may not be responsible handling large sums of money.
Two people can establish a will in which they bequeath property to each other. This is known as a joint will. In a joint will, the surviving party receives all the assets of both parties. The joint will also lists the terms in which the property will be distributed. Revoking a joint will can only be done if both testators agree to revoke the will.
Unlike most wills, living wills do not deal with the distribution of property after death. Living wills help establish the wishes of a patient in the event that they become too ill to communicate. A living will may state what types of medical treatments, procedures, medications, and other decisions are preferred by the patient. Establishing a living will can help prevent your relatives from making difficult medical decisions about your care.
Speak with an Experienced Winter Garden Estate Planning Attorney Today
If you live in the city of Winter Garden and are considering drafting a will, we can guide you through the process. Our estate planning attorneys are experienced in drafting wills, trusts, and other important estate documents. Contact us today for more information at 407-877-7115.