On our blog, we have discussed the benefits of having a will and the requirements to create a valid will. We have also written about a few considerations you should weigh when deciding whether to have a will. Each individual’s considerations will be different based on their family, friends, charitable interests, and estate, but over the years we have seen that almost everyone worries about how their personal effects will be distributed when they die. A will can help give you peace of mind and ensure your property will be distributed according to your wishes.
Personal property includes jewelry, clothing, furniture, or cars. If you die without a will, your personal effects are distributed to your heirs based on the rules of intestacy. The rules of intestacy are created by the state legislature, which has outlined how a court will divide up all your property. If you die with significant debt or taxes owed, the person appointed to manage your estate may be required to sell some personal effects to cover the debt.
With a will, you can create the ability to prepare a special kind of list that describes who receives the tangible items of property that you have. Many people have family heirlooms, collectible items, family research, gun collections and other such items that have special meaning to some of their children, family, or friends. By adding this specific clause to your will, you can make sure these items are distributed to the persons you believe will most appreciate them.
Many family disputes have resulted from the distribution of personal effects where a person dies without giving thought to these important items. Sometimes sentiment or emotion regarding a tangible item of property means much more than the value of the item. Only a Will can be used to manage this process.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.