Estate Lawyer Honeyville Utah
Do You Still Need a Will If You Only Have One Child?
Whether you are planning your estate or a loved one’s, a will can help you manage the inheritance you will receive. It can also help you avoid having to go through the court process. It can also make sure that your wishes are carried out and that your heirs will be able to pay less in fees and taxes. However, you should consult a lawyer or a professional to make sure that your will is accurate and legally binding.
Some of the main reasons people need to have a will are to specify how they would like their estate divided upon death, to name a guardian for their children, and to set up funeral arrangements. A will also give instructions on how to raise your children if you become unable to do so.
What you need to know
Many people only need a will when they have a significant amount of property or a large family. However, it is important to note that a will can be updated and changed as your circumstances change. As a rule of thumb, it is recommended that you review your will every two to three years. However, if you have a significant life change, such as a marriage or purchase, you should take the time to update your will.
If you have kids from a previous marriage, you may worry that your current spouse will take advantage of your will. It may also be possible for you to disinherit your children. In this case, you will need to have specific language in your will to ensure that you are not able to be contradicted. If you disinherit your kids, you may also have to pay child support to your ex-spouse. Alternatively, you may find that your children have grown up and are independent of you.
Unless you are a common-law spouse, you will not inherit any of your spouse’s assets in Ontario. However, you may be able to make a claim for a trust based on the contributions that you made to that asset. This claim may be difficult to prove, but a common-law spouse may have an advantage over a married spouse.
You should still have a will
Even if you do not have children, you should still have a will. A will is a document that is signed by a person who is at least 18 years old. The document should be filled out in detail, naming the person who will carry out the will. It should also name an executor. An executor, or personal representative, is a person who is in charge of the estate after the owner’s death. In addition to managing the estate, the executor is also responsible for distributing the estate to those he or she names in the will.
A will can also be used to leave money to a person’s children. This money is usually held in trust until the child reaches a certain age. The money will then be managed by the child’s guardian. The guardian is responsible for the child’s medical care and educational needs.
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
When you need a Lawyer, contact this law firm:
West Jordan UT 84081
“Unity, Honor, Equity”
|Incorporated||July 8, 1911|
|City||January 1, 1980|
|• Total||11.74 sq mi (30.42 km2)|
|• Land||11.74 sq mi (30.42 km2)|
|• Water||0.00 sq mi (0.00 km2)|
|Elevation||4,298 ft (1,310 m)|
| • Estimate
|• Density||139.99/sq mi (54.05/km2)|
|Time zone||UTC-7 (Mountain (MST))|
|• Summer (DST)||UTC-6 (MDT)|
|GNIS feature ID||1428800|
— Legal Assistant (@LegalAssist01) December 2, 2022