Protecting Your Assets: Why Most People Don’t Have a Will

At some point, it’s a good idea for you to sit down with a lawyer and make out a will. Estate planning will help secure your assets in the long run. It’ll also help prevent bickering among family members. While the extra peace of mind is well worth it, less than half of all American adults have an estate plan in place. Let’s discuss the key reasons why most people don’t have a will.

Would Rather Not Deal With It

Understandably, most people hate the thought of writing out a will. They simply don’t want to think about death. This is the reason why people tend to procrastinate about putting a will in writing. The best approach is to get the process of estate planning over with as soon as possible. Expect the entire procedure to only take an hour or two. While sitting down with an estate planning lawyer in Las Vegas, you’ll discuss your assets and what you would like to happen to them.

Don’t Think They Need a Will

Never make the mistake of thinking you don’t need a will. After someone passes, it’s not uncommon for families to fight over property and money. Even an old heirloom can cause a great deal of confusion. Although you may consider your family members to be mature, always prepare for the worse. If you fail to create a will, the government will essentially make one for you. This could trigger even more problems.

Not Sure How to Go About Making a Will

Some people are simply unfamiliar with the process of writing a will. Luckily, it’s not a difficult task. The most important thing is to find an experienced lawyer who specializes in estate planning. Trust them to lead will you in the right direction.

Estate Planning Strategies for Couples Who Aren’t Married

If you are married, your property will likely transfer to your spouse upon your death. If you aren’t married, property could go to a parent, sibling or other relative. Therefore, it is important to specify in a will or trust that a partner is to get your belongings. Let’s take a look at some other reasons why unmarried couples should create an estate plan that takes their unique relationship status into account.

Unmarried Couples May Lack the Ability to Stay Together in the Hospital

Generally speaking, a husband can be in a hospital room with his wife if she is sick or recovering from surgery. The same is generally true for a wife who wants to be with a husband who is ill or recuperating from a procedure. However, unmarried couples may not necessarily be allowed to see each other in a hospital setting. Unless a partner is a patient’s medical agent, access to that individual may be restricted to family members only. Therefore, it can be critical for unmarried individuals to draft power of attorney documents to give them similar rights to married partners.

Protect Your Right to Inherit Property

Assets can be placed in a trust for the benefit of a long-term partner or passed to a partner through a will. Individuals may also use beneficiary designations or title property in a manner that provides ownership rights to a significant other upon their passing. In some cases, a house, car or other item may be gifted without triggering a taxable event.

Review Your Plan With an Attorney

If you currently have an estate plan, it may be a good idea to review it with a trust administration lawyer in Las Vegas. This may make it easier for both you and your counsel to understand your goals and how you can achieve them. If necessary, your attorney may be able to help create or edit plan documents.

What Happens When Estate Plan Documents Cannot Be Found?

It is not uncommon for an individual to have a will or trust as part of his or her estate plan. In fact, a person could have both a will and a trust to make it easier to distribute assets or minimize estate taxes owed. However, it may be harder to abide by the terms of an estate plan if will or trust documents are lost or destroyed.

What Happens If a Trust Document Isn’t Located?

If a trust document cannot be located, it may be necessary to resolve the matter in court. Anyone who has seen the terms of the trust will likely be given an opportunity to provide testimony to the court as to what they are. The trustee will also likely have to testify or provide other evidence that establishes what the trust was supposed to do and who it was supposed to benefit.

Was the Trust Properly Funded?

If a trust isn’t properly funded, it typically doesn’t matter whether or not it can be found or not. This is because the document is null and void upon the death of its creator. Of course, there could be an exception if an individual included a pour-over will as part of an estate plan.

The pour-over will would allow assets to be transferred from a deceased person’s estate into a trust. In such a scenario, the will would have to be probated, which means that a court hearing would have to take place even if the whereabouts of the trust were known.

Legal Assistance Could Be Available

An estate planning attorney in Las Vegas could be able to help a person determine what was in a trust or other plan document. This may be done by interviewing beneficiaries or examining bank or other records that could provide clues as to a trust’s structure.

The Benefits of Using a Professional Executor or Trustee

As part of an estate plan, you are allowed to appoint a person or entity to serve as an executor or trustee. In many cases, a trusted family member or friend is called upon to fulfill this role. However, that person may not want to do so or may not be qualified to do so. Therefore, it may be best to hire a professional who can oversee an estate or help whoever else was appointed to do so.

Feel Free to Appoint a Professional to Serve Alongside Another Person

In some cases, it makes sense to appoint a professional to the role of trustee or executor alongside your friend, adult child or spouse. This may be true if you have a large net worth that could be difficult for a single person to manage on his or her own. It may also be worthwhile to appoint multiple trustees if you have more than one trust.

Professionals Will Act in a Fiduciary Capacity

Perhaps one of the best reasons to hire a bank or financial institution to act as an executor or trustee is because it will act in a fiduciary role. This means that it has to act in your best interest or the best interest of surviving beneficiaries. Ultimately, there is less risk of a sibling, child or anyone else being denied an inheritance for no good reason.

Choose Whoever You Trust to Carry Out Your Wishes

Ideally, you will choose whoever is best suited to oversee your estate whether it’s a person or an entity. A probate attorney in Las Vegas can generally help whoever is appointed to represent your estate to ensure that it is settled properly and in a timely manner.

Why You Should Avoid Handwritten Wills or Trusts

The goal of creating an estate plan is to ensure that your wishes are carried out after your death. If you make a trust, it could be structured so that your wishes are respected in the event that you become incapacitated. While wills and trusts can be structured in almost any way that you’d like, it is important that they are typed instead of handwritten.

Handwritten Estate Plan Documents May Be Invalidated

The best reason to type out estate plan documents is that handwritten documents could be declared invalid by a court. This is because there is no guarantee that words or phrases weren’t erased or crossed out by someone other than yourself. For instance, a person could erase the name of a beneficiary and replace it with their own. If a document were written in pen, words could be crossed out and replaced with new text without your knowledge or consent.

Your Handwriting May Not Be Legible

There is a good chance that your handwriting isn’t legible enough to be understood by a probate court. If there is any doubt at all about your intentions, there could be a significant delay in distributing assets to heirs. There is also the potential that a family member or other interested party could try to challenge the document because a word or phrase is hard to read. Ultimately, you can make life easier on your executor and surviving family members by simply typing plan documents.

You Can Get Help Typing Documents

An estate planning lawyer in Las Vegas may be able to type a will or trust for you. He or she may also be able to recommend someone who offers professional typing services for an affordable fee. Finally, friends or family members could be willing to help you finalize your estate plan and maximize the chances of it being put into place.