You need a basic estate plan if you own any property. In as much as no one wishes to think about his/her demise, planning your estate is one of the best decisions that you can ever make as far as your wealth is concerned. This is because it reduces the confusion that is typically associated with post-death wealth distribution. A will is basically the document that declares what needs to be done to the property of the deceased.
A will cannot be effected unless its author, also referred to as the testator, dies. In addition, the testator may choose to revoke the will prior to his/her death for various reasons. In case you die without ever having written a will, your property will be distributed among your heir according to the intestacy statutes of your state of residency.
Typically, intestacy statutes uphold a distribution system that resemble what the decease would have wanted. The laws provide how a deceased’s property is to be distributed among heirs. The laws do not stipulate who gets specific components of the property. This means it is up to the heirs to agree on these minor details.
Wills, the Probate Process, and Minors
Contrary to popular public opinion, a will doesn’t force heirs to undergo the probate process, which is usually long and expensive. In the event that you die without writing a will, the probate court has the mandate of overseeing the distribution of your wealth among your heirs. The absence of a will means that the estate administrator must post a surety bond to initiate the probate process.
In case your children are still underage at the time of your death, the probate court has the mandate of setting up a conservatorship whose role is to manage the minors’ share of the property. When they turn 18, each child will receive his/her share of your estate regardless of whether they have the ability to independently manage the it or not. This highlights the importance of indicating in your will the name of a guardian who will be entrusted with your underage kid’s share of the property.
Irrespective of the size of your estate, writing a will is advisable. What’s more, there are numerous books and software that can help you undertake this estate planning exercise. Consulting an estate planning attorney when writing a will is equally advisable.
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