Implementing a Will is a simple and effective way to provide directives about estate settlement and who receives your belongings. When a person passes away without expressing their wishes through a Will their family is left to pick up the pieces.

Writing a Will can be an emotional process because you must choose who receives inheritance money and property. Death almost always ends in family disputes over property or hurt feelings because someone didn\’t receive something they wanted. This type of scenario can be minimized by talking with heirs individually or as a group.

In the U.S. decedent estates are settled by a process known as probate. There are two types of probate. Intestate refers to estates where the person died without writing their Will. Testate refers to estates where a Will is provided.

Intestate estates settle according to state probate law, while testate estates are settled according to directives of the Will. Inheritance gifts are bequeathed through the Will, but cannot be given to beneficiaries until the estate is completely settled.

The estate is managed by a probate personal representative. This person is in charge of all duties and can be held legally accountable for improper financial transactions. The job carries a high level of responsibility, so careful consideration should be given when choosing the representative.

With intestate estates, a personal representative is appointed through the court. Families sometimes find it easier to hire a probate attorney or estate planner to act as the personal representative with intestate estates because the process can be complicated.

Other important uses of the Will are to establish legal guardianship for minor children or adults entrusted to your care, and for disinheriting heirs. Most people don\’t want to write family members out of their Will, but there are times when it\’s desired. To minimize risk of disgruntled heirs from contesting the Will, it\’s crucial to include a disinheritance clause.

Leaving out the clause leaves the door wide open for having the Will contested. This act rarely accomplishes anything more than fattening the wallets of lawyers. It\’s very destructive for small estates and often leads to personal representatives being forced to sell estate assets to cover cost of legal fees.

The cost for writing a Will varies depending on the total estate value, types of estate assets, and whether services from a probate lawyer or estate planner are required before or after death. When estates are valued below $50,000 a basic Will is usually sufficient and costs around $100. Some people utilize preformatted Wills purchased through office supply stores or downloaded via the Internet.

Individuals with estates valued over $100,000 may find it more advantageous to protect assets using a trust. A Will is still required when trusts are established. The primary advantages of using a trust are estate assets are exempt from probate and the Will remains private. Probated Wills are a matter of public record and can be viewed by anyone who wishes to see them.

Regardless of strategies used, individuals must take inventory of estate assets and establish beneficiaries to receive items upon death. This is usually the most challenging part of writing a Will. It is also important to provide details of financial accounts including investment portfolios, retirement accounts, and checking and savings accounts, as well as all types of titled property such as automobiles and real estate.

Author Bio: Implementing a Will is not difficult or expensive and provides peace of mind knowing affairs are in order. Real estate investor and probate liquidator, Simon Volkov provides estate planning strategies and information about trusts and Wills at www.SimonVolkov.com.

Category: Family Concerns
Keywords: will,last will,probate,estate planning,inheritance property,trust,probate personal representative