A simple will is a legal document that explains the wishes and disbursement of the possessions and property you owned. Having a simple will (or basic will) is essential for the future of your family, your important possessions and your real estate. If you do not have a valid will upon your death, the state law will decide what to do with all your assets and who inherits what. The best way to avoid the state law having a say in your property when you pass is taking the time to create your simple will.
There are two major considerations if you are thinking about creating your simple will.
If you have an estate with a higher value that would require estate taxes upon your death then that would lead to a more complex will and will need further assistance.
Creating a simple will isn't a complicated process and can be done through an attorney. The best way to make sure the process goes smoothly is to bring all the wishes, investments, and property with you and have an understanding of what exactly you are wanting to put in your will. You will have to pick an executor to handle your property and the fulfillment of your will when the time comes.
Drafting and creating your will is important because it will secure your loved one's protection and will be helpful with making important decisions upon your passing. Consulting with an attorney for guidance would be a practical decision to ensure you get all your assets and legal matters covered by your will.
Reviewing your will at least once a year is helpful to assure the will is up to date and legally valid. Keep your will in a safe place. That could be in a house safe or a safety deposit box. Also, make sure to inform your executor of the location of your will to be prepared for your future.
If you haven't thought about creating a will, now is the time to act. It is important to have your wishes recorded so that they can be followed when you're gone. The risks of not having one will be of your family's detriment and will cause probate to be more of a problem instead of a smooth transition.
In the state of Kansas, if someone dies without a will their property will be handed over to the state's “intestacy” laws. Kansas law gives all your property to the closest relative to you starting with your spouse, then your children, grandchildren and your parents. The family line continues with distant relatives such as siblings, your grandparents, aunts, uncles and cousins. If the state exhausts all these options and finds that you have no living relatives by blood or marriage, then they will take possession of your property.
If you would like to speak with an attorney in a free consultation about creating your simple will, contact David today.