How To Properly Plan Your Will

2006-08-21

If you are like many people, the idea of creating a will is difficult, because you will be forced to come to terms with your mortality. Add to this the fact that you will have to speak to a lawyer, and it is easy to see why a large segment of the population does not set up wills for their families. If this situation describes you, it is important to look out for the best interests of your family. If you have a large number of valuable assets, your family may fight over them if you do not produce a will explaining who will get what when you pass away.

One of the first things you will need to do in order to prepare your will is to create a family tree. This family tree can be used to help you decide how you will split up your estate. If you have been married more than once, you will need to take the marriages with your previous spouses into consideration. If you have children who were born out of wedlock, this must be taken into consideration as well. More often than not, an Estate Attorney will be responsible for helping you draft your will. It is important for you to communicate with them effectively and explain the details of your family situation.

When you communicate effectively with your lawyer, they will be in a good position to assist you in writing the best will possible. One thing that you will need to deal with is probate fees. To avoid them, you must set up a living trust. The probate fees that will be paid in the event you die are dependent on a number of factors. One of these things is the number of assets that will be contained within your estate. In addition to this, your bank may not allow the assets to be transferred until probate has been acquired. As of this writing, the fees for probate will be about $5 for each $1000 that is present in the account, but beyond $50,000, the amount will go up to $15 per $1,000.

Continue to Part 2 of How To Properly Plan Your Will

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