Three Things to Know Before You Make a Will - estate planning ...

Dec 04, 2012 ?/? By: Geoffrey H. Garrett, Estate Planning Attorney ?/? Category: Wills and Trusts

Let there be no mistake about it: making a will is something that almost everyone needs to do. Dying without having created a will is not a way to ensure that your assets will pass to your spouse; in fact, this will cause your assets to be divvied up as the government sees fit via the intestacy laws of your state. Furthermore, if you have small children, creating a will allows you to designate a legal guardian, thereby avoiding the in-family fighting that frequently occurs with the lack of such a designation. Before you head out and draft a will, however, there are some things you should keep in mind.

First, do-it-yourself wills should be avoided. Even though certain websites make it seem as though the law is simplistic, and everything you?ve ever wanted can be achieved with just a few forms, the truth is that the law is intricate and nuanced; put simply, there?s a reason one must go to school to become an attorney.

Second, you have to know what your assets are in order to allocate them in a will. To do this, put together a comprehensive inventory of any bank accounts, credit cards, investments, retirement funds, real property holdings, etc.

Third, be judicious in designating someone to serve as a guardian or trustee for your children. This is not something that should be done out of a sense of obligation or because you didn?t name that person as your child?s godfather or godmother. Be especially careful about naming the same person to be both the legal guardian and trustee.

For more information, contact an estate planning attorney.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.

Source: http://www.byrdgarrett.com/blog/wills-and-trusts/three-things-to-know-before-you-make-a-will/

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