If you have a small or modest estate, you might just be able to name a few beneficiaries of what assets you have when you die.
A will, or will, is a legal document that determines how assets (a so-called estate) are to be distributed after death. It allows you to appoint an executor, appoint a guardian for your children if they are minors, appoint a trustworthy person to take care of the property that is left to them, and even take care of pets. A will contains the names of the deceased and the executor of the will, including the assets and personal property that you will receive.
If you have a manageable financial situation, you do not need a lawyer to draw up a will for you. In fact, there is a special kind of legal expert called estate planning lawyer who specializes in this matter. Traditionally, wills are written by a lawyer, but not always, especially in the United States.
The will describes how you intend to distribute your assets after your death and names a guardian for your minor children. You do not need to specify who will receive the income from your life insurance or retirement accounts in or without your will, even if you require your account to name a beneficiary.
Although the process of making a will may not be difficult if you are unsure how much property you own, it is important to speak to a solicitor before finalizing the document. An estate planning lawyer can help you to make a will along with avoiding inheriting your assets, reduce your taxes, track down forgotten accounts.
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