A will/trust is a legally-binding document that lets you determine how you want certain affairs to be handled upon your death. If you die without a will/trust, there is no guarantee that your intended desires will be carried out. Having a will/trust helps protect against family fights that may arise regarding your estate. It also determines the details, such as the“who, what, and when” of your estate. Here are 10 situations where you should make sure that you have a will:
A will/trust allows you to decide who should take care of your minor children in the case of your unexpected death. Without a will, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a will allows you to appoint the person you want to raise your children.
Idaho is a community property state, and there are certain default laws which apply to a person’s property after they die without a will/trust. Many family circumstances may not be evenly addressed, this could mean that the stepchildren may receive a greater inheritance than the individuals own children. A will/trust is the best way to ensure that all the members of your family are taken care of in the manner that you wish.
Your Personal Representative (commonly known as an Executor/SuccessorTrustee) will make sure all your affairs are in order after your death, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments of your passing. Because the PersonalRepresentative plays the biggest role in the administration of your estate, you will want to be sure to appoint someone who is honest, trustworthy, and organized (which may or may not always be a family member). Without the provisions of a will/trust, the court will make the decision for you.
Unfortunately, there are many family relationships that are less than ideal. If you have concerns with how your estate and assets will be divided in regard to a specific family member, a will/trust can ensure that the family member will be excluded.
A will/trust can ensure that any specific provisions or requests you may have are carried out according to your wishes, including that specific items of your property be given to the specifically named individuals, whether they are related to you or not.
Without a will/trust, your trust property will pass under federal probate code or approved tribal probate code. By writing a will/trust, your land can be transferred in trust to any Indian person, the tribe that has jurisdiction, or any Indian co-owners.You can also transfer your land in trust to a spouse or child, even if they are not Indian.
If you have established or are considering a trust, it can be used to ensure that all property outlined or described in the document will be immediately available upon death to your beneficiaries and you can avoid probate altogether. An added benefit for your estate is that your affairs remain private and out of the public records.
Provisions in your will/trust can delegate not only what your children receive but how and when they receive it. If you have any concerns with providing an outright lump sum, due to the age or financial responsibility of one or more of your children/beneficiaries, you have the option with a will/trust of putting conditions in place in order to ensure a longer period of time before your children receive their inheritance.
A will/trust allows you to take steps to minimize federal and state taxes on your estate.
A will/trust that clearly outlines your wishes for your estate and property distribution will help reduce confusion and family disagreements during a stressful and emotionally difficult time. There is great peace of mind that comes from the simple act of completing a will/trust, which allows you to care for your family after you are gone.
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Ten Situations Where it is Recommended You Have a Will/Trust