Over the past decade, there’s been an increase of do-it-yourself will software.
There are several reasons you should not do a will yourself, especially as there are some common mistakes when creating a will that can cause your assets to not go where you want them to go.
Paying to have a will created by a professional estate planning attorney can give you the peace of mind that your assets will go to the right people or places.
Transitions in life directly affect how ownership changes.
Several primary forms of ownership include Sole Ownership, Joint Ownership, Tenancy in Common, Tenancy by the Entirety, Trust Ownership and Guardian of Assets.
It’s important to understand that ownership changes when major life events happen so that you can plan for these changes and ensure your assets go where you want them to.
Handling someone’s estate is something you may only do once in your lifetime and it can be a very emotional, daunting process.
Estate plans can be executed during someone’s life should they become incapacitated, and upon a person’s death as well.
It’s important to seek help from a professional when it comes to estate planning as it is a very complex area and because it can be a long process if probate is involved.
Every person has an estate plan automatically; it is designated by the state you reside in.
Estate plans can consist of wills, durable powers of attorney, trusts and designation of beneficiary type assets.
There is will-based and trust-based planning. There are very big differences in terms of dealing with probate and whether they are public versus private.