Planning for the future may mean owning a home or starting a business, things that require hard work and dedication. One of the easiest ways to protect the legacy of your efforts is, writing a will. This document is a common milestone for those establishing their families and building assets. A will, even in its simplest form, protects those you love and clarifies your wishes.
An experienced estate attorney can help draft and execute your will. Once notarized, a will provide your family some stability and peace of mind when you die. Your attorney will help you decide who is named in your will, how it will be administered, and how assets should be divided.
How a Simple Will Makes a Difference
Even if you do not own property, leaving a will actually saves your family time and expense when you die. It’s a legal document that dictates what happens to your belongings, such as collections, investment accounts, or real property. If you don’t leave a will, a probate judge makes those decisions based on state law (South Carolina intestate statutes). Assets may include:
- Vehicles
- Bank accounts
- Personal belongings
- Virtual assets like digital tokens and digital currency
- Intellectual property
Begin with a simple will. A “simple will” (or “basic will”) covers the essentials: naming your heirs, detailing how your assets are distributed, and suggesting an executor (personal representative) of your estate, and the requested guardian for minor children, if necessary.
In many states, those who do not own real property and whose assets are modest may qualify for an expedited process, called a summary administration, which reduces the stress on their families by accelerating the process of approving probate and distributing the belongings.
With more complex estates, attorneys will suggest creating trusts to shield your properties and belongings from taxes and probate costs.
Benefits of leaving a will include:
- Distribution of property
As a legal document, the directives in a will are almost always followed. That means if you want to leave your assets to a charity or a friend, your personal representative must do so. In the absence of a will, your belongings are divided according to state probate law, which can require selling items and dictates the percentages each family member receives. - Economical and less stressful
A will provides a faster, less stressful probate process with lower fees. Each will is verified by the probate court which oversees distribution of your assets. If you do not leave a valid will, your family may wait months for probate to approve the release of assets and distribution of your belongings. - Reducing Family Conflict
A legally executed will involves disinterested witnesses who attest to your statements in the document, as well as naming a trusted executor to follow through on your wishes. These features of a will usually reduce distrust and suspicion among family members, who may dispute the contents. Carefully naming heirs and dictating the distribution of your assets with an attorney’s guidance can protect against unfounded disputes and challenges.
Creating Your Will
- Basic information: your name, address, birthdate, and the names and birthdates of each of the family members included in the distribution of assets. Include the same information for your executor, who should be a trusted family member, friend, or business associate. An attorney can guide you through the best way to handle blended families, former spouses, and unmarried partners.
- Children and pets. Name guardians for any children under age 18 and beloved pets.
- Witness documentation. The state has specific requirements for disinterested witnesses to sign your will, making it legally enforceable.Â
- Where to keep it? A will should be kept in a fireproof box with other important documents. Be sure your executor knows where to find it.
- Update regularly. Every few years your will should be examined and updated as families and circumstances change. If there have been marriages or divorces, or additional children, the contents of your will should change accordingly.
Leaving Your Legacy
The estate planning attorneys at Lam Law Firm are ready to help you establish your legacy through a simple will. It’s the most efficient way to care for your family’s future.
