[Services Index]
Almost everyone
needs a will. If you die without a will, state law will determine
who inherits your property, and it is very unlikely that your property
will pass to the persons and in the proportions you prefer. If you
have no will, state laws and the probate judge will determine who
will administer your estate, handle financial matters, and act as
guardian for your children. With a will, you can choose.
Joint ownership of property is not a good substitute
for carefully drafted wills. As a result of a common accident, both
you and your spouse may die before the survivor has an opportunity
to execute a new will, thereby causing the property to be distributed
according to state inheritance laws. We recommend that both husband
and wife have their own wills.
For larger estates (generally those with assets valued
at excess of $600,000), properly drafted wills and an estate plan
can often provide significant savings in federal and state tax.
The law is very exacting in its requirements with
respect to the publication, signing, and witnessing of wills. It
is recommended that the preparation and execution of a will be handled
by a competent attorney. Homemade or "do-it-yourself" wills often
do not stand up in court.
You should review your will every few years, particularly
if you have moved or if your family situation (i.e. divorce, birth
of a child, death of a beneficiary, etc.) has changed since you
last executed a will. State laws vary as to formal requirements
and as to the rights of children and grandchildren born after a
will was executed.
Settling An Estate
Upon your death, your will must be probated and your
estate administered. The will is formally offered in court, the
personal representative is approved by the court; and estate inventory
is prepared and filed; debts and taxes are recognized and paid;
and finally, the representative files his or her account and requests
that the remaining estate assets be distributed in accordance with
your wishes as stated in the will. This process takes time, is complicated,
and has legal pitfalls. You are advised to discuss the administration
of your estate with an attorney.
In the absences of a will, the procedure is the same
except that the court, not you, makes many of the critical decisions.
In addition, the process is likely to take much longer. In the meantime,
your assets may be tied up for quite a while before being distributed
by the court in accordance with state laws on inheritance.
When you realize how much is at stake÷the well being
of your entire family and the protection of your property÷you will
find that the attorney's fee for drafting your will and planning
your estate is modest.
If your will was prepared prior to August 10, 1981,
it may require a rewriting as a result of changes in the federal
estate tax laws. Your attorney should review your will to ensure
that it takes maximum advantage of the changes in the law.
