Midwest Wills Attorneys in Missouri, Illinois, Kansas, Oklahoma and Nebraska
It is hard to contemplate death or consider the possibility of becoming incapacitated. However, creating a plan for these situations is vital to ensure that your estate is distributed according to your wishes and that those you care about receive the support and assets you have worked so hard to accumulate.
The only avenue to ensure that your wishes for your estate are heard and followed after your death is to create a will that delineates how your assets will be divided. A will also allows you to appoint a guardian for any minor children after your death and to name an executor of the will, a person you trust to ensure the will is followed per your wishes. Finally, with the help of an estate planning lawyer, you can create a last will and testament that reflects your wishes for your estate following your death. Reach out to a Midwest wills attorney today.
We Can Help You Create an Estate Plan in the Midwest
Estate planning is a broad legal term that involves creating legal documents and structures that allow your wishes for your estate to be fulfilled upon death. One of the most common elements of estate planning is the last will and testament, which specifies how you would like your estate to be divided and who will be the beneficiaries of that estate. Sometimes, estate and gift taxes also need to be taken into account.
Another type of estate planning that may be beneficial is a living will or durable power of attorney for health care, which specifies your desires regarding medical decisions should you become incapacitated and unable to make those decisions for yourself due to incapacity.
Trusts, such as a revocable living or an educational trust for your children, are other ways to plan for the management of your estate and your assets in the event of your incapacity or death. In general, the creation of a trust does not exclude the need for a will. A will can specify the distribution of assets that may not be held in trust, and it can nominate a guardian for minor children. In addition, a trust can often ensure that your assets are distributed outside the probate court.
Do You Need a Last Will and Testament or an Estate Plan in the Midwest?
Everybody should consider making a will. However, a will is about much more than the division of a sizable estate, and making a will is not something that those with substantial assets.
If you die intestate, or without a will, the state in which you live will determine how your assets will be divided. In some cases, the laws of intestate succession may align with the decedent’s wishes, but in other cases, that would not be the situation at all. Most state law follows a default formula for intestate succession, giving the estate to a surviving spouse or dividing the estate between the spouse and children.
If you are unmarried, things may become more complex. For example, if you are unmarried without children, your parents inherit your estate without a will. An unmarried partner would likely receive nothing. It would be the same with stepchildren.
The only way to ensure that those you love are provided per your wishes, rather than a formula dictated by state law, is to create a legally binding will with the help of a wills attorney that makes those wishes known.
Contact a Midwest Wills Lawyer Today to Schedule an Initial Consultation
The best way to make a last will and testament that accurately reflects your wishes for your estate and avoids complications in probate is to consult a wills attorney who understands the laws in your state related to wills. To set up a consultation with Stange Law Firm, PC, please call 855-805-0595 or contact us online.