The law is complicated, but nowhere is it more complicated than when it comes to wills.
There have been thousands of court cases concerning inheritance. Probate cases are lengthy, expensive, and almost always cause discord in a family.
If you want to save your family from the frustration of endless court cases, here are four areas where understanding the law can help you make a better will.
When can you write a will?
Anyone at least 18 years old can write a will. However, some factors can deny you the capacity to write a valid will. While they don’t prevent you from writing one, they will prevent it from ever getting executed.
Under the law, a will is only valid when created when you are of sound mind and are not under coercion or threats. Your witnesses are the people who can attest to you meeting these requirements and is what makes them so valuable.
You can do it right and reduce the loopholes in your will. But you need professional help. To get started, learn more at ejrosenlaw.com
Leaving people out of wills
All states have a similar order succession of those who can inherit your property. It starts with spouses, children, parents, and moves on to other relatives. However, it’s not uncommon to want to leave one or more of your heirs out of your will. To do so, you must clearly express your intentions in your will to avoid grounds for contesting your decision.
While you can leave just about anyone your wish out your will, the law doesn’t allow disinheriting heirs under 18 years of age. Even when they aren’t included in the will, they will still get a share of your assets.
What happens if beneficiaries die before me?
Though rare, it can happen.
In cases where an heir mentioned in your will dies, their share is not lost. Most states have anti-lapse laws that allow their share of the inheritance to be transferred to the other beneficiaries. This is one area where the law works seamlessly, with little grounds for legal issues.
Legal provisions for executors
An executor is a person who will carry out your wishes after you have passed away. You must comply with the law when choosing an executor as failure to do so results in legal issues and financial losses.
Most importantly, a viable executor should be at least 18 years old, be of sound mind, and in the presence of the will’s disinterested witnesses. Failing to comply with any of these requirements leaves grounds for invalidating the executor.
The Bottom line: Avoiding pitfalls on your own is inevitable
While the law almost always is on your side, things aren’t always black and white. Matters can quickly get out of hand during asset distribution. Most lawsuits are based on loopholes found in the will, especially in the wording of the document and the viability of witnesses. To prevent your family from fighting over your assets, a reputable law firm is your best friend.
