Our experienced will law firm Memphis, TN residents recommend, has seen firsthand the complications that can follow when someone passes away without a will. There are many reasons that developing a will should not be set aside for another day as your will has a critical purpose. Wiseman Bray Attorneys can play a crucial role in ensuring you have identified an executor and mapped out every last detail.
The Purpose of Developing a Will
When considering whether you need a will, it’s essential to know that anyone with assets or final decisions that need to be made should create one. Wills aren’t just for people of a certain age anymore; in fact, even the younger population should consider having a will should the unexpected occur. A will is a legal document that outlines how property and assets will be distributed after their death. However, it’s essential to know that a will does far more than just outlining property distribution. Within a will, you can identify an executor, develop trusts, and identify minor children’s guardians.
Identifying an Executor
Lawyers at our will law firm in Memphis, TN, stress that one of the most critical components of a will is identifying an executor. An executor carries the weighty responsibility of settling the estate of the person who has passed away. The executor is charged with:
In some cases, when many of the assets have been transferred into a living trust before someone’s passing, those assets can be distributed to beneficiaries without enduring the probate process. When a will goes through probate, assets cannot be distributed without the court’s approval.
Important Factors Regarding Wills
When you create a will for the first time, there are a few things that you should think about to ensure you have everything you need. Even if you do not have a large fortune, you may be thinking of creating a will because you have spent a good portion of your life working hard to set money aside, buy property, or build a business. Whatever you need a will for, our attorneys can help you. You don’t want to leave what happens to your estate up to the local court. Instead, by investing a little time and effort into your will now, you know your assets will be taken care of later when you are no longer around. To see how our team of attorneys can help you, give our office a call.
Is there anything that can complicate a will?
Absolutely, and having a Memphis, Tennessee will law firm on your side while you write your will can help to uncomplicate things. That said, depending on what you have in your will, you can make it simple or complex. If you have had a complicated marriage life and have had multiple spouses and kids from different marriages, this kind of thing can certainly complicate a will. If you run a business, this can also mean you will have a more complicated will than someone who only owns a house.
Remembering What You Own
It may be hard to believe, but people may not always remember what they own or they may have no idea they share a property with someone else. Before signing your will, you want to ensure you have gone through every possible option regarding the property you own. You may be writing something in your will to give property away to a loved one and not realize you do not actually own the property.
At what points in life should I make changes to my will?
There are several points in your life that you would need to make changes to your will. In the following events, it is a good idea to call your attorney and ask about making changes:
In fact, in certain states, your current will cancels out if you get married, so in this situation, you would need to go to your attorney and ensure your assets are still going to the designated places.
The Importance of Drilling Down the Details
A will should leave nothing to the imagination to ensure that your wishes are clearly outlined so that your loved ones can decipher them when the time comes. One of the biggest mistakes people make is forgoing an attorney for an online will creation tool. While this may seem like a more accessible, less expensive option, several problems might arise. Your will could be invalidated, not consider tax laws in your state, and may not allow you to maximize your beneficiaries’ inheritance. A will lawyer will work with you to assess your wishes and make sure that all necessary elements are detailed. Additionally, an attorney’s help with creating a will can ensure that the will is valid, reduces tax implications, and mitigates family conflict.
The process of developing a will doesn’t have to be an overwhelming one. Wiseman Bray PLLC can help you create a will that suits your needs as quickly as possible so that you no longer have to back burner the process. Both you and your family will have peace of mind knowing that you have identified how your assets will be distributed. To begin the process with a Memphis, Tennessee, will law firm you can depend on, call our office to schedule an appointment with our team.