Wills

A Will is the core document most often associated with the estate planning process.  It provides for the distribution of property owned by you at the time of your death according to your wishes. Wills can be of various degrees of complexity and can be utilized to achieve a wide range of family and tax objectives.  Aside from providing for the intended disposition of your property to spouse, children, etc., there are a number of other important objectives that may be accomplished in your will.

What Happens if You Die Without A Will?

If you die intestate (without a will), state law will determine who receives your property. Typically the distribution would be to your spouse and children, or if none, to other family members.  A will allows you to alter the state’s default plan to suit your personal preferences.

The benefits of having a will include the ability to: designate a guardian for your minor child or children if you have survived the other parent; designate an executor of your estate in your will and eliminate the need for a bond; choose to acknowledge or otherwise provide for a child (e.g., stepchild, godchild, etc.) in whom you have an interest, an elderly parent, or other individuals.

To effectively prepare your will, knowledge of the consequences of each property interest and technique is required.  The Law Offices of Alisha A. Wood can ensure your wishes are upheld.  Whether you want to prepare your first will or you are interested in updating your estate plan or exploring trusts, we can help you tailor a plan to your needs.