Is will a part of estate planning?

Is will a part of estate planning?

What is Estate planning?

Estate planning is deciding who will get your assets, estate, and personal belongings upon death. This includes planning how much of your assets or property you want to give to each beneficiary. While planning your estate, you can also name the person who manages your resources and support. They can have power of attorney both financially and health-wise.

This person can make decisions on your behalf and is responsible for taking care of your assets until the distribution has been completed per your plan. They have to ensure that all these assets will be distributed according to the instructions present in the wills. The process of estate planning involves making a will or a trust.

What is a will?

Will is a legal document with the intention of declaration. He wants his personal belongings, properties, and assets to be distributed and to whom after their demise.

A will includes information about the beneficiaries. Thus, it also has the name of the executor who is responsible for executing the instructions written in the choice. The executor mentioned in the will manages the assets and the properties until they’re distributed.

A will can be prepared by any person 18 years old and above, given that this person is of sound mind and has no undue pressure on him or is not fraud or coerced into making a will.

One can also take the help of an attorney specializing in estate planning to make a will and name him as the executor.

A will goes through the probate process under the state’s probate court.

Benefits of writing a will

There are lots of benefits of writing a will which includes.

  • It provides the person making the will, the testator, a sense of understanding of his current financial strength. It thus can help you provide financial security for your family or loved ones.
  • It can help you as a testator to have a sense of peace as you can choose how your assets are distributed and to whom after your death.
  • A will helps a person to gather all information about his assets and inventory.
  • One can avoid family disputes in the future by rationally distributing the assets.
  • It helps you to disinherit certain members who you dislike.
  • Helps address online and offshore accounts, including financial investments made by you.
  • With the help of a will, you can choose a guardian for your minor children or make provisions for them and any pets you have.
  • A will can help save certain inheritance taxes.
  • You can choose the executor of your will.
  • A will makes the process much easier and helps your loved ones by preventing financial and legal grief.

A will can refer to as the first step toward estate planning. Thus you should plan and make a will if you want to plan your estate.

How To Write a Will while estate planning?

A will can be drafted online as well as offline. A will has considered a valid will if it fulfills the following things. 

  • It has a clear letter of intent, which states your intention regarding the distribution of your assets.
  • You sign as well as the date of the will in the presence of two witnesses; both should be present at the same time and should not be included as beneficiaries under the will.
  • While drafting the will, you should have the mental capacity to form a choice and should be doing so under your own will, not due to any undue pressure or influence.

What happens if you have no will?

If someone has no will or trust drafted before his demise, then the state where the person resides will oversee the distribution of the assets and the properties of that person under the state probate laws.

This makes the whole process lengthy and expensive for your family and loved ones, and the court is in complete control.

Due to this, some people who may not have wanted to have your assets or belongings might get help if they file the claim for them during the probate process that the court is following.

Therefore, you are strongly advised to form a will or trust and plan your estate to avoid all these.

Conclusion 

In this article, we will know whether a will is a part of the Estate planning process and why it is required.

More To Explore

Subscribe to our Newsletter

legal will Long Island lega lwill New York legal will NYC legal will Queens legal will Staten Island living trust Brooklyn living trust Long Island living trust New York living trust NYC living trust Queens living trust Staten Island medicaid trust Brooklyn medicaid trust Long Island medicaid trust New York medicaid trust NYC medicaid trust Queens medicaid trust Staten Island New York estate planning legal New York probate lawyers NYC guardianship lawyer probate attorney Dutches county probate attorney Kings county probate attorney Nassau NY probate attorney Orange county probate attorney Putnam county probate attorney Queens probate attorney Rockland probate attorney Suffolk probate attorney Sullivan county probate attorney Ulster county probate Brooklyn lawyer probate lawyer Kings county probate lawyer Long Island probate lawyer Nassau probate lawyer Queens probate lawyers New York probate lawyers NYC probate lawyer Staten Island probate lawyer Suffolk probate lawyers Ullivan county probate New York attorneys probate New York lawyer probate NYC lawyer probate NYC lawyers probate property attorney probate property lawyer revocable trust Brooklyn revocable trust Long Island lawyers directory NY revocable trust New York revocable trust NYC revocable trust Queens revocable trust trust Bronx will attorney Brooklyn will attorney Long Island will attorney New York will attorney NYC will attorney Queens will attorney Staten Island will lawyer Brooklyn will lawyer Long Island will lawyer New York will lawyer NYC will lawyer Queens will lawyer Staten Island wills and trusts Bronx Wills and trusts Brooklyn wills and trusts Long Island wills and trusts New York wills and trusts NYC wills and trusts Queens wills and trusts Staten Island wills Brooklyn Estate Planning Boca Raton Miami Lawyer Near Me Lawyer Magazine Estate Planning Miami Lawyer wills Long Island wills New York wills Staten Island estate planning lawyers NYC probate New York lawyers trust and estate law firms estate planning attorneys Brooklyn estate planning lawyers Brooklyn estate planning Brooklyn estate planning New York attorney estate planning New York attorneys estate planning attorney Brooklyn estate planning New York lawyer estate planning New York lawyers guardianship attorney Brooklyn guardianship attorney Long Island guardianship attorney New York guardianship attorney NYC guardianship attorney Queens guardianship attorney Staten Island guardianship lawyer Brooklyn guardianship lawyer Long Island guardianship lawyer New York Estate Planning Lawyer NYC guardianship lawyer Queens guardianship lawyer Staten Island Near Me Dental Near Me Lawyers