Let’s start with some planning basics – how to ensure your assets are transferred according to your wishes after death. A properly drafted and executed Will is a tool that should be a part of every adult’s estate and legacy plan, regardless of level of wealth.

Your Will is the legal document which states your choice(s) for Guardian of your minor children; without it, a probate court decides who should raise your kids in the event both parents are deceased.

Your Will also nominates an Executor to administer the estate. In intestate cases, where there is no Will, a probate court appoints an administrator, who is paid with estate funds.

Your Will provides instruction on how your assets should be divided and to whom they are to be distributed. If desired, you can disinherit someone or restrict a beneficiary from an inheritance if he or she contests the Will. State law dictates who your beneficiaries are and what percentage of your assets each may receive in cases lacking a Will. This can be particularly damaging in cases of second or subsequent marriages involving children.

Plan ahead for the unexpected! Contact us at Loftus Law Offices, PLLC to create a sound plan for your family’s unique needs.

Check back in May for our Blog about Trusts and learn how they can provide for your incapacity, avoid the probate process and decrease family disputes.