Why should you have a will?

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Why should you have a will?

Everyone is preferred to have a will. The basic purpose of a will is to assign the assets in your name to those whom you choose. The assets that have to be distributed to your chosen individual can be allotted in the manner which you chose. Will is also made to allot guardianship to the minors. If a person dies in a car or in any accident and he has no Will prepared before, he cannot process the exact inheritance of his estate. Ã’šÃ‚ If there are no assets with him, his estate might face an unexpected death suit which will generate few millions of dollars that can be distributed by the State. The State will take this step if the person does not have Will.

Dying without will is another problem concerned with an administrative bond. If anyone dies without handing over everything to an executor, the court will take care of the situation. The court will appoint a person to distribute the property of the owner. The person appointed or doing this job must produce a note that he will not runaway by taking all the property of the owner. The price of the bond will be paid by the estate assets of the dead person and it costs around $100.

The Will should be signed in the presence of two legal witnesses. The wills that are handwritten or holographs are legally accepted in all the states. A simple Will do not have any trusts and the estate value must be under $3.5 million. The law of tax changed in 2001 and the tax exemption limit also increased. The rate of tax applied to the remaining amount was also found to be reducing gradually with time. In 2010, the tax for estate was eliminated. It is expected that the tax exemption will be nearly $1 million.

Those with very big estates can also go for creating living wills. Living wills also will get the assets into the hands of the heir. But, it cannot be a replacement for a Will. The importance of having a will is clearly given at this site www.burger.com/whywill.htm.


Author: Hari M

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