Despite the importance of having a last will and testament, approximately 57% of people report that they “just have not gotten around to making one” yet. In reality, it does not take very long to create a will. Once you have the help of specialized attorneys, the laws surrounding these documents can be explained easily.
But if you are still uncertain on what makes a will so important or how to get one drawn up, here are a few of the most frequently asked questions about these legal documents, answered.
What if someone does not have a will?
When someone passes away without a will, their assets are put through the courts and split up according to the laws of their state. The downside to this is that no matter what the deceased party wanted — and even if they made those wishes clear in conversation — the courts do not have any responsibility to honor those wishes without a last will and testament present.
What if someone does have a will?
As previously stated, a will allows someone to dictate exactly how they would like their estate to be divided after their passing. This includes any assets the person has to their name like real estate, money, intellectual property, and possessions.
Are there minimums of assets required?
No. If you want to create a last will, you can do so to distribute $20 or $20,000. There is no minimum required in order to create a will, but you should know that the distribution of some assets may have tax implications in the future.
What is the difference between a living will and a last will?
While a last will deals primarily with sorting out assets after death, a living will can serve additional functions. The most important of these is health care instruction in the event that something tragic happens. For example, a living will can dictate whether or not you want to be kept on life support.
What is the biggest benefit of a will?
The greatest benefit of a will is simplicity. With the help of professional lawyers, drafting a will is easy and pain-free. If you still have any questions about the process of creating a will and settling your estate, your attorneys will be able to answer them for you.
Having a will is extremely important. If you’re looking for Toms River attorneys to help you create a will, contact the Horn Law Group today.