Most people do not truly understand just how important it is for them to have a will and to understand what power of attorney is and why they might need it. In fact, polls have shown that less than half of the people in the United States do not have a will, and this is going to cause problems for them and their family members down the road.
Why Do You Need a Will?
The will is going to determine exactly what happens with your estate and belongings after you have passed away. It is a legally binding documents that will provide you with control over what happens to the estate, and it will make the management of the assets as simple and as clear as possible. If you do not have a will in place at the time of your death, it means that your final wishes might not be carried out.
The will is going to determine who will inherit the property that you own, as well as who will get your investments and how your finances are disseminated. If you want to provide any money to charity after you pass, this is also going to be included in the will.
If you have children who are minors, or who otherwise need to have care, this will be added to the will, as well. This can ensure that you have your children raised by the people that you want to raise your children rather than leaving that decision in the hands of the state.
Change the Will as Needed
It is important for adults to have a will, but the document that you come up with when you are in your 20s is going to be far different from what you are going to need when you are in your 30s, 50s, and 80s. Therefore, you should make it a point to revisit your will regularly and make changes to it as needed. This way, you can be sure that your estate is always taken care of from a legal perspective in the event of your death.
Does the Will Cover Everything?
While the will does cover most of your finances, it will not cover everything. For example, if you have an IRA or a 401(k), the money is not going to be parceled out through your will. Instead, you would need to name the beneficiary in the documentation of your investment.
The same is true of your life insurance. If you want to have someone receive money from those resources, you will need to be sure they are named in the proper paperwork.
Creating the Will
If you want to create a will, you might be tempted to choose one of the online software products that promises to make it fast and easy to create your own will. While these might seem like a good and low-cost option, they are not always a great solution because they might not give you the options that you need, and they might not be fully complete or a binding legal document if you are not careful.
Instead, it is best to work with a great attorney who works in this field and who can provide you with the help you need in drafting and filing your will to ensure that it is a legally binding document.
Work With the Best Attorney
Whether you need to have help drafting or changing your will, you must be sure you are choosing only the best attorneys to help with your estate planning. Get in touch with the attorneys at the Law Offices of Eugene Mogilevsky, LLC. today. We have a wealth of experience and knowledge when it comes to providing our clients with estate law expertise. You can call us, email us, or click the button and set up a consultation.