The most basic of all estate planning devices is the Will. A will is a document that a person creates while living that gives directions on how the estate of that person is to be handled at death. Wills may be quite simple or quite complex depending on the size and complexity of the estate of the person, whether the person is married or not married, whether there are minor children to provide for materially and for the appointment of people to have custody of them on death, and whether the person desires to immediately distribute all his/her property at death or desires to create a trust on death to pay out and invest for the benefit of people during their lifetime, or to make provisions for restricting the ability of survivors to sell land such as the family farm or investment property.
One of the most important topics to people with minor children is that the Will make provision for the monetary support of their minor children and that the Will designate a certain person to have the custody of their child or children. The Will can accomplish these objectives by nomination of the guardian and co-guardian and alternate guardian of the children. The Will can also provide for how and when money is to be invested and drawn down for the care and support of the children.
A Will dictates who inherits and how much each person inherits within the constraints of the law. The Will may also dictate when the money or property is to be received and how it is to be invested or managed prior to it being distributed to those appointed to receive. The Will may provide for lump sum distribution or for money and property to be released to the recipients over time in smaller increments or at stated ages or upon achieving such things as graduating from school.
One only has to practice in the area of estates a short while to encounter instances where no will exists and the heirs are in a mess because they can't agree on what should be done with the estate. The Will eliminates many disruptions to family by being a clear direction from the person that has passed of what he/she wanted done with the property. It removes the surviving spouse or responsible child from the position of having to deal with relatives that have very different ideas of what the decedent wanted done with the property or what they think they are entitled to receive.
There is such a thing as a Holographic Will. This is a document written by the decedent entirely in his/her handwriting and signed and dated by them. These Holographic Wills are valid under the law but they invite litigation. There are rules and statues that govern what can and cannot be done with property, how to disinherit a particular person that would otherwise be eligible to legally take property at death and a number of other such issues. Many Holographic Wills leave out important matters that should be addressed, are not technically created in a valid manner, or are drafted in such a way that the distribution made violates the law and thus the Will is rendered invalid. Additionally, the Holographic Will invites contests of the Will even really being the person's Will. This can result in protracted and expensive litigation and divisions among the family.
A formal Will drafted by an experienced and qualified attorney will avoid these problems and the cost is not significant. A simple will may run as little as around $150.00 and the expenditure of one or a few hundred dollars now will go a long ways towards preventing an estate being depleted by litigation that costs thousands not to mention the hurt feelings and family divisions that result from such litigation.
The Ritchie Law Firm is qualified and experienced to assist all kinds of clients in drafting Wills regardless of their complexity or simplicity and we welcome the opportunity to assist you in this important matter.