While you might not think it is important early in life, having a living will and last will is extremely important. Despite its importance, there’s still a great deal that many people do not know about creating a will or why it is important to have one.
Before you get worried or brush it off completely, there are a few things about last wills and living wills that you should know. Here is what specialized attorneys would like you to know about last wills.
Paper Formalities Exist
Did you know that you can break the law by avoiding paper confirmation? One of the biggest complaints about estate planning is that the laws have not changed with the times. As a result, antiquated laws must still be followed. It is a little easier to break the law in this area than you may have previously thought.
The Law Will Take Over
If you neglect to create a will, the law will take over. This means that your estate and assets will be distributed in a way you may not want them to be, but how the state laws mandate they should be.
Probating a Will Takes Time
Even if you do have a will, a complex last will can take over two years to probate. Even a simple will may take up to six months. This means that despite your last wishes, your family may still be waiting to know exactly what they are.
You Cannot Write Your Own Will
If you write your own will without the help of professional lawyers, it will not be considered legally valid. Certain requirements must be met in order for a will to be a legally valid document, and those will be explained by a lawyer.
A Will is Not Set in Stone
Contrary to popular belief, you are not married to your will from the moment of creation. Your life will change over time, which means that your last wishes may, as well. The power to change your will is important and should be used.
No matter your age or situation, you should consider drafting a will. There is no time like the present to start thinking about the future.