What Wills Do and Why You Need One
No one wants to think about a time when they are no longer on this earth. However, as mortal humans, there will come a time when we have to consider writing an estate plan. In such a plan, you can leave instructions for who should receive a piece of your legacy. Without it, your assets may be given to those who don’t matter to you or be obtained by the state.
What a Will Does
A will is an official legal document that describes how you wish to have assets distributed after death. This document doesn’t have effect until your departure, so it can be edited as you see fit. But for the will to be valid, it has to comply with numerous requirements set by state law. A will should have instructions for how you want your estate to be divided and given to those closest to you after death, in addition to provisions for personal property. Examples of property to list in your will include items like jewelry, art collections, vehicles, and furniture.
Furthermore, a will indicates through what sources you want to pay outstanding debts and estate taxes that are due. Within the will, it’s important to name an executor who will be responsible for carrying out the settlement of your estate. Lastly, a will is finalized with your signature, a witness signature, and a notary public’s oath for the validity of the signing.
Who Needs a Will
Almost every person, no matter how much money or assets they have, can benefit from a will. Whether you are in good health or not, divorced or married, a parent or childless, you should have a will so that upon death your assets can be passed on how you prefer. If you die without a will and don’t have living relatives, the state won’t allow distributions to charities, friends, or other non-releated persons who mean something to you. Instead, your property is likey to be absorbed by the state.
For guidance about writing your estate plan, contact a wills lawyer Des Moines, IA from The Law Group of Iowa as soon as you can.