If you are beginning the estate planning process, there are surely several questions swirling around in your head. When it comes to deciding on the terms of your will and then drafting it, there are many considerations. To address these issues about wills, we have organized some frequently asked questions below.
1. WILL A WILL GOVERN THE TRANSFER OF ALL MY ASSETS?
A will provides for the distribution of many types of property you own upon your death from small personal items to homes or land. However, some types of property are not distributed according to a will, such as insurance policies. A will can contain provisions with the direction that an individual receive a specific piece of property or it can direct that everything owed at death go to the same individuals. The important thing to remember is that, while a will can take care of many dispositions, there are some items which should be separately reviewed by an attorney to ensure they will be disposed of according to your wishes.
2. WHAT TYPES OF PROPERTY WILL NOT BE GOVERNED BY THE TERMS OF MY WILL?
A will does not dispose of any property you hold with another individual with survivorship rights, such as property owned as joint tenants with right of survivorship. Upon death, jointly held property automatically transfers to the other title holder. Similarly, property held in trust will not be affected by the terms of your will, as it is governed by the terms or the trust agreement. Also, annuities, life insurance, and retirement accounts provide for the payment of benefits outside of a will to a named beneficiary.
3. WHO SHOULD I APPOINT AS MY AGENT TO MAKE FINANCIAL AND MEDICAL DECISIONS ON MY BEHALF?
Choosing an agent who will make potentially make medical and financial decisions on your behalf is possibly one of the most important planning decisions that you will make. Your agent should be someone you trust and someone in whom you have confidence to act in your best interest, even in the face of stressful situations or outside pressure from other family members and friends. You can separate your financial decisions from your medical decisions. You can appoint one person to hold a power of attorney for financial decisions, and another person for medical decisions. Your agent does not need to be a family member. While not necessary, it may also be wise to appoint an individual who lives near you, in the event they need to act on your behalf when time is critical.
An experienced estate planning attorney can help you decide how to structure your estate plan so that all items will pass accordingly to your wished. 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.