On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Friday, March 9, 2018.
Your will is an important document that your loved ones will check when you pass away. It outlines the fate of specific assets so that everyone knows your wishes. Wills are often used in conjunction with other estate planning documents, such as trusts, that make it easier to ensure that your wishes are followed.
We know that thinking about all of this isn’t something that is pleasant, since you are addressing your own death. Still, you might find that once you have this all set up, you have a peace of mind that makes it easier for you to enjoy your life.
When you create a last will, you need to make things as clear as possible. Doing so reduces the risk of confusion or probate court in the future.
There are times when you might want to exclude someone from the will. This is usually possible, unless the person is protected by state law. In order to disinherit someone, you need to state your intention to do so in the will.
You might also have a discussion about it with the disinherited party while you are still living so that everyone already knows what to expect. Doing so might prevent there being a shock and resulting will challenge when the will is read after you pass away.
Another point to think about regarding your will is that it won’t be read instantly after your death. You should find other ways to provide for your family in the interim if financial support is going to be necessary. We can help you to find ways to address the concerns that you have so that you know your loved ones won’t be left without their needs being met.