Frequently Asked Questions
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The answer depends on whether you are married, re-married, have children, and the types of assets you own. The state will provide a will for anyone who dies "Intestate". Unfortunately, these instructions probably don't match your wishes. Dying without a will (intestate) is problematic and expensive.
Certainly. Some will may be better than none at all. Wills are like parachutes, you won't know if they work until it is already too late! Plenty of sites guide you through the creation of all sorts of documents. The end document is the product of the questions that were asked and the answers given. In addition, there are very specific legal requirements for a will to be valid in each state. For example: In Texas, a will must be an original and notarized before two qualified witnesses
A joint checking or brokerage account will do automatically to the survivor. With a "payable upon death" designation, the funds can even be left to heirs. The home is another matter. Real estate may pass one of two ways: 1. Via a payable upon death deed recorded in the county or a will. Once the will is probated, the property vests solely in the survivor's name. Transferring real property without a will is still possible, but other options are burdensome.
A Living Trust is a type of revocable trust that provides a mechanism to manage your assets in the event of incapacitation and death. Since trusts avoid probate with respect to the assets in them, it is private and very difficult to challenge. A Living Trust also can create privacy right now if you retitle your home and other assets. Of course, you will have to name your trust something other than your family name.
You will need a list of your assets/accounts, life insurance policies, an executor, a backup executor, a trustee, a backup trustee, and a guardian if you have minor children. You will also need to decide where you want your assets to go in the event of your death. If you hire an expert, they will ask a number of questions in order to determine the exact structure of your plan and answer all your questions.
A guardian is a person that acts like a parent and has legal custody of a minor or incompetent person. The guardian is "appointed" in your will. An executor is the person who administers your will. This means they are responsible for making sure your assets go to the intended heirs. Depending on the size and complexity of the estate, the executor's job may be very simple or complicated. The person you empower to "execute" your wishes needs to be someone you trust that has financial savvy or the understanding that they need to hire someone to help. A trustee takes over after the estate is probated or settled (it may not need probate) and manages the assets for the beneficiaries. This means they make investment decisions, pay bills, keep records, and report to the beneficiaries if they are old enough to understand the activity.
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