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ESTATE PLANNING WITH A WILL FROM BAINUM LAW
Creating your last will and testament is an important way to protect minor children and ensure that your assets are distributed according to your wishes. If you plan on consulting a local, trusted attorney to assist with the creation of your will, call Bainum Law today to schedule a consultation.
WHAT IS A WILL?
Will is the shortened form of the official term “Last Will and Testament.” A will is designed to inform all who may be concerned (including beneficiaries and the local legal system) of the intentions, desires, or “will” of an individual for assets and possessions after death. A will also makes provisions and declares guardianship for minor children as well as name an executor. The executor(s) of a will are charged with carrying out the terms of the will. Frequently, the executor will be a spouse, adult children, or other trusted friends or relatives of the decedent.
DIFFERENT TYPES OF WILLS
There are several different types of wills, such as joint wills, holographic wills, mutual wills, pour-over wills, and more. Not every type of will is recognized in every state, which can make the process complicated and confusing to navigate alone. Although a joint will and a mutual will sound the same, they are not. A joint will is when a married couple shares a will.
Most experienced attorneys would not recommend a joint will. A holographic will (coming from the word holograph) means a will that is hand-written by the testator. This type of will is only recognized in about half of the US states.
WHY CHOOSE A TRUSTED LEGAL ADVISOR TO CREATE MY WILL?
Although many people don’t feel like they have a lot of assets, ensuring that a will covers all the bases is important. Often, people find that they have more complex situations than they thought, requiring a more detail-oriented approach to the creation of a last will and testament.
The way a will is executed also depends a great deal on the State where the testator resided, and the laws and statutes that are in place there. Because you will not be around when a will is utilized, it is important that your wishes are clear, concise, and legally binding.
Any persons who currently have guardianship over minor children should also consider seeking the assistance of a local attorney to create their estate planning. If a will or trust is ambiguous, created improperly, or not recognized by the state, it is the courts who will decide the guardianship of the minor children in question. For many parents, this fact alone is reason enough to consult an attorney and ensure that their estate planning is done right.
WILLS AND TRUSTS FROM BAINUM LAW
Craig M. Bainum has been practicing law in the State of Utah for over 30 Years. As a trusted Cache Valley attorney, his primary goal is to provide excellent legal services to his clients. He has seen many examples of good estate planning as well as poor estate planning and can help you create a sound, legal will or trust for your peace of mind. If you are unsure whether you would be better off creating a will or a trust, click here to learn more about trusts from Bainum Law.
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