A will is essential; every adult should have a will. Your will states your wishes for distribution of your assets after you die. Your will should name your executor, the person (or financial institution) you select to fulfill the terms of your will. Your will should clearly identify the beneficiary or beneficiaries of your assets.
Wills are wonderfully flexible. Your will may be simple or complex depending upon your circumstances. Circumstances such as:
You own significant assets
Inheritance taxes are a concern
You have children from a previous marriage,
You have a successful business and questions about transferring it to the next generation,
You have step-children,
There are conflicts within your family
A child can’t manage money,
A child has a drug or alcohol problem, or
Every estate plan contains a will. Even estate plans using revocable living trusts to avoid probate include a will as a safety net to “catch” assets not in the trust and transfer those assets to the trust.
A will has very specific legal requirements. These requirements have developed over centuries to clarify the meanings of words and phrases in a will, to aid proof of a will in court and to streamline administration of the estate. Your experienced and knowledgeable estate planning attorney is aware of these requirements and prepares your will accordingly. A person who writes his own will or uses an office supply form, a computer or Internet program almost always makes mistakes in his will. These mistakes may invalidate the will or cause confusion about his intentions. These mistakes almost always result in additional attorney’s fees. Saving money by writing your own will will likely cost your family far more money than you saved.
Mr. Jones will discuss with you your circumstances and wishes and, in clear language, explain your options before he crafts a will addressing the unique needs of you, your family, your assets, your business and your life. Contact Mr. Jones today.