Leave a legacy.
The first step to taking control of your estate and the legacy you leave behind is drafting a will. Even if you decide to go on to develop a more advanced estate plan, a will is the first building block toward a plan that serves the unique needs of your family. We can help.
St. Charles Wills Lawyer
A Last Will and Testament is the simplest and most popularly understood way of telling your family and the court system how you would like your assets to pass at your death. Although a will needs to be probated in court to have any effect, it can still serve as an important backstop for catching assets that were not distributed by other means.
What kinds of property does a will cover?
The only assets that a will can distribute are those within the “probate estate.” The probate estate consists of property that you owned during life in your individual name that does not pass according to a contract. For example, jointly titled property will never become part of your probate estate, because it will pass to the other joint owners immediately upon your death by operation of law. If you own a home or a car or bank accounts jointly with your spouse, those assets will automatically pass to him or her at your death.
Additionally, any assets set to pass according to beneficiary designations, such as your 401K, IRA, through a beneficiary deed or transfer on death titling of your vehicle, and so on, all pass outside of your probate estate. That is, your will does not control the disposition of those assets. This can be a good thing in that those assets will avoid the sometimes long and costly probate process, but this can also be bad in that you may not be able to exercise the level of control over the assets you might have liked.
Benefits of planning with wills.
- Provide for the safety and protection of your children: wills allow you to appoint a guardian for your minor kids if you pass away. Without this appointment, a judge will make this determination after application by interested persons.
- Allow your spouse to make decisions for your family: if you are married with minor children, passing away without a will can mean that a substantial amount of your estate will be distributed to your kids instead of to your spouse. Proper planning can avoid this problem.
- Prevent the courts from controlling your assets: if you have no plan at all, the government comes up with its own plan for your estate through what are known as “intestacy laws.” They apply to distribute your estate when you die without a will or trust.
What kinds of property does a will cover?
The only assets that a will can distribute are those within the “probate estate.” The probate estate consists of property that you owned during life in your individual name that does not pass according to a contract. For example, jointly titled property will never become part of your probate estate, because it will pass to the other joint owners immediately upon your death by operation of law. If you own a home or a car or bank accounts jointly with your spouse, those assets will automatically pass to him or her at your death.
Additionally, any assets set to pass according to beneficiary designations, such as your 401K, IRA, through a beneficiary deed or transfer on death titling of your vehicle, and so on, all pass outside of your probate estate. That is, your will does not control the disposition of those assets. This can be a good thing in that those assets will avoid the sometimes long and costly probate process, but this can also be bad in that you may not be able to exercise the level of control over the assets you might have liked.
Benefits of planning with wills.
- Provide for the safety and protection of your children: wills allow you to appoint a guardian for your minor kids if you pass away. Without this appointment, a judge will make this determination after application by interested persons.
- Allow your spouse to make decisions for your family: if you are married with minor children, passing away without a will can mean that a substantial amount of your estate will be distributed to your kids instead of to your spouse. Proper planning can avoid this problem.
- Prevent the courts from controlling your assets: if you have no plan at all, the government comes up with its own plan for your estate through what are known as “intestacy laws.” They apply to distribute your estate when you die without a will or trust.
Start working with a St. Charles Wills Lawyer today.
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