Anyone who owns property has minor children, or has a significant amount of money should have a will. If something were to happen to you, a will can protect your family and your assets by keeping them out of the hands of people you may not want to have access to them. Before having a will written by an attorney, here are some of the things you should consider.
You may own some assets or property that don’t have to go through the probate process upon your passing. If you have life insurance, IRA’s, or other financial instruments with assigned beneficiaries, these assets will go directly to the named beneficiaries. Any property that is owned with another person will usually go to the other person, your “survivor.” Review all of your assets with one of the wills lawyers in Ottawa, KS to ensure you know who gets what.
If you have assets or property you want to go to specific people or organizations, you need to have wills lawyers write specific bequests into your will. If you want your grandson to have your baseball card collection or your son to inherit your business, put it in writing in your will. Specific bequests are paid or given out first and are subject to inheritance taxes at the appraised value of the property.
For people with significant assets, wills can be complicated, but wills lawyers can give advice about leaving your estate to your heirs or organizations you want to donate to when you pass. To get clarification about writing a will, visit John Hooge Law Office for advice. Although you can legally write your own will, if you do have significant assets, including property, or have minor children, it is better to hire an attorney to draw up a will for you.