Family ties don't always make for perfect, happy familial relationships. You may wish to leave your spouse, children, siblings or other relatives no part of your estate when you pass away. There are three ways to ensure that your estate is given to the heirs of your choosing. Your estate planning attorney is the best source of assistance for accomplishing these tasks.
Living Will
This is one of the most important documents you can ever write. No matter your age, financial status or health condition, you should have a valid and current will on file. This document will ensure that your estate is distributed to the people you wish in the manner you wish. Also, this same document can keep people from inheriting your money and possessions if you wish for them to receive nothing from your estate. If you die without a will on file, your estate must go through the lengthy and expensive process of probate. During this time, your assets will be distributed based on current laws. If you don't get along with members of your family, creating a living will now is the best way to ensure that they do not profit from your death.
Living Trust
Another way to ensure your estate is divided according to your wishes is to create a living trust with the help of your estate planning attorney. Your assets will then be covered by this trust. You can do as you please with your own assets. Once you die, the trustee you have named will distribute your assets according to your wishes. You can stipulate conditions of inheritance in the trust. This also helps to ensure that your heirs cannot squander your estate or take another heir's portion for themselves.
Life Insurance Policies
This is one area that many people overlook. If you didn't designate a beneficiary when you initially purchased the policy, you should do so immediately. Likewise, if you are unsure who you named as beneficiary, or you wish to change that designation, you should not delay making this change. Contact your life insurance provider immediately. In addition, you should leave information regarding these policies in a place that is accessible to those left behind when you pass. Many insurance companies are currently under investigation for failing to inform beneficiaries of life insurance policies they were entitled to receive after the policyholder passed away. Don't let your heirs get caught up in a similar situation; make sure you leave the appropriate information for them when you are gone.
For more information, contact James M Snow or a similar legal professional.
Share16 May 2016
Over the years, I have learned several lessons the most difficult ways possible. One lesson that I have learned is to never try to handle legal issues without legal representation working with you. I have faced fines and penalties that could have been greatly reduced had I hired an attorney to represent me in court. This blog will show you several ways you could benefit from paying for the legal fees associated with hiring an attorney anytime a legal issue may arise. You will also find examples of how things can go terribly wrong if you don't hire an attorney.
