The Will: Do not leave here without one.
When you hear the phrase, “ your estate,” you probably imagine millions of dollars in cash, three or four homes, cars, boats, and the like. Actually, your estate is whatever you possessed at the time of your death. Your estate includes where you lived, your clothes, your jewelry, bank accounts, cars, furniture, dishes, coin collections, family heirlooms, pictures, photos albums, and so on.
A Will is basically your instructions on how to handle your estate after you are deceased. This includes what you want done with physical property, like your home, land, cars, jewelry, furnishings, etc. Your will also has instructions for what to do with any money you may have in a checking or savings account. Most importantly, your will tells everyone who you want to be in charge of making sure your wishes are carried out. This person is called the “executor.” The executor of your estate will have a lot of responsibilities. The executor will also have a great amount of power. The executor may have to sell your home, terminate a least of an apartment, sell a business, transfer title of your vehicle, close your bank accounts, pay off bills, pay property taxes, and hold an estate sale. The person you choose as your executor can be anyone you choose as long as they are over the age of 18 years old. If you die without a valid will in place, there could be extensive litigation amongst your family over who will be “in charge” of your estate. Litigation costs money. Extensive litigation costs a lot of money. Often, by the time the litigation is resolved, what money or assets you left will end up going to pay legal fees. Be proactive, contact an attorney to get your wishes put in writing now, or your estate may pay for it later.
- A Note to Veterans: Veteran Aid and Legal Assistance - November 12, 2014
- Voter Intimidation: Do not let your right to vote be discouraged. - November 3, 2014
- Know your voting rights: What are Deceptive Practices? - November 3, 2014