Preparing a will is an important step as you experience significant life changes. Whether the life change is marriage, divorce, the birth of children, retirement, a sudden change in your level of wealth, or any other event that changes your life, you need to plan for what will happen after you are gone. The value of a will is that it ensures that when you are gone, the people or organizations that you feel it is important to support get what you want them to have. It is natural that as your life changes, so will the choices you make for what to do with your assets after your death. For this reason, it is a good idea, as your financial situation and family significantly change to update your will.
An experienced estate planning lawyer can be a valuable resource in preparing your will. In some cases, a will may be challenged after your passing, either by someone named in the will itself or by someone left out of the will that stands to inherit if the will were invalid. It should be your decision, however, who to remember in your own will. A lawyer can ensure that your will is written in such a way that you can be sure it will not be invalidated after your death. As long as you have “testamentary capacity,” meaning that you are physically and mentally healthy enough to understand your actions, you are legally entitled to leave your estate, or portions of it, to whomever you like, including charities or other organizations. Additionally, a lawyer can help ensure that children will be properly cared for and college costs will be covered by naming a guardian and providing for an educational trust.
It is certainly an unfortunate situation when, after a person’s death, that person’s children and family members fight over “who gets what,” but it is something that happens from time to time. In order to avoid this unpleasant situation, speak with an experienced estate planning attorney. Rhett Meyer has been helping people with financial planning, including estate planning and has experience ensuring that your will is valid and will be followed during the probate process. If you have recently experienced a major life change, or if you have not yet prepared a will, it may be time to speak with Rhett about your estate plans. For more information and a free consultation, call Rhett at (303) 444-1618.