You know that if you care about who gets your assets after you die, you need a will. But there are many things about wills that many people don’t know.
Here are four, according to a story on DailyFinance.com:
1) You must follow formalities, even in the electronic age
The laws concerning wills are among the oldest on the books. They haven’t kept up with the times. You can’t do a will on a smartphone. You have to sign in the presence of witnesses who may then need to testify in court after your death that the will was validly signed. In some cases, their signatures may be able to be notarized, eliminating the requirement that they testify.
2) You may need a will even if you are poor
Many young couples don’t have wills because they figure they don’t have many assets. But a will covers things other than assets. It can name the person you’d like to care for your children if something happens to you, for example. If you don’t name a guardian, a judge will do it.
3) If you don’t update your will, state laws will make decisions for you
For example, it you get married and you don’t update your will, the law in many states will grant your spouse a share of your estate at your death. If you don’t want that to happen, you must update your will.
4) Your will can’t control who gets certain assets
Many exceptions exist. These include accounts that require beneficiaries such as life insurance policies and retirement accounts.
If you have questions about wills or estate planning in general, feel free to call us for a consultation at (626) 696-3145.
