Estate Planning – What You Need to Know About Wills

Estate planning involves taking time to lay out a plan for your heirs after your death, either by will or trust, and making provisions for your care while you are living.

A basic estate plan includes a will, living will, durable power of attorney, and health care power of attorney. If you have these four documents, you have basically covered the bases, and protected yourself and your heirs under most circumstances.

The will is a documnent that sets forth your wishes for the disposition of your assets upon your death. In order to prepare a will, your lawyer will need to know several pieces of information including (1) the name of a designated personal representative (2) an alternate personal representative (3) the name of the beneficiaries of your estate.  The personal representative, formerly known as executor, is the person that will see that your wishes, as spelled out in the will are carried out. The personal representative will retain a probate lawyer, file probate in the court, via the probate lawyer, and over see the disposition of your property along with the probate lawyer, and the probate court.  The alternate personal representative is someone that can serve as personal representative in the event that the personal representative cannot serve. The beneficiaries are the people that will receive the gifts of  money and property from your estate, in the manner you state in your will.  You can specify anyone as a beneficiary and no one has the right to be a beneficiary.  You could leave your entire estate to an animal shelter or to one relative, so long as you are clear in your will that you are excluding others that might claim to be heirs to your estate.

For more information or a free consultation on your legal issue contact The Law Offices of Charles D. Scott PLLC, your injury law and estate planning attorneys,at 727-300-4878. http://www.yourstpetelawyers.com

 

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