Injury Lawyer: Why A Simple Will is Crucial?
If you lose your life intestate (meaning without leaving a proper will or a living trust) – all your assets will be split according to your state’s law. A survey done by Harris Interactive for Lawyers.com revealed that 58% of adults lack this crucial document.
A lot of people don’t understand the necessity of a will
Forbes.com also pointed out that in some cases, married couples with kids tend to write “I love you” wills that leave everything to each other. This is a common practice that works on a basic idea: the survivor will take care of the children. Unfortunately, couples that don’t have as much foresight can be unwittingly misdirecting their family’s future.
So, for the sake of all those you love, you should execute a will. And if you already have one you did a long time ago, you should update it. Chances have it that over the years your family/assets have grown considerably. A simple will may be suitable for people with fewer assets than $100,000, but you should ask your attorney on how to write your will, or if there is another estate planning vehicle more suited for your family.
When meeting with your attorney
Next, you will find the things you will need to provide pertinent information when meeting with your attorney (you will also have to bring relevant documents).
- Basic Information
- Your current marriage, prenuptial agreements, and divorces (and all prior marriages if any)
- Your children, grandchildren and all close relatives
- If any family member has a permanent disability (which requires a special provision in your estate plan or will).
- Existing planning documents
- Any will or living trust
- Any advance healthcare directive or living will
- Any power of attorney
- Real property (liens/mortgages included)
- Life insurance policies
- Safety deposit boxes
- Equity interests (partnership interest, stock, etc.)
- Personal Representative
- The person destined to be your Executor (personal representative) to handle the affairs of your/your spouse’s estate
- If there is a common disaster and you and your spouse do not survive, you will need a guardian for your minor child or children.
- Power of attorney
- Both you and your spouse will need an individual with a Durable General Power of Attorney to handle the financial and legal affair if both of you are unable to do so.
For more information about the documents and information, you need to write a will and get the assistance of the best personal injury lawyer from Maryland area.