It is known death is a part of life, but sometimes a persons death will affect someone in terms of financial reasons, not emotional.
Too often wills are either left un-made, or are sloppily drafted, in which confusion is then enacted across the parties.
Knowing what a will is, and what’s available in terms of property to be included in a will, will make the process easier, and will guarantee the right people are getting your estate property and other items you own.
What Is A Will?
A will is a written document that validates what events will occur after you die.
If a will isn’t created, the court will appoint who they see fit, however this isn’t always the best decision.
A will is usually split into three categories, listing beneficiaries, or who will receive property from you after you die, executors who will oversee the estate, and will put the will through probate, or validating a will in the process of court.
After these two categories is dealing with children who are under 18, who may still require a guardian, in this chunk you will decide who would make the best guardian the case that you don’t live past them turning 18.
What Property Can Be Placed In A Will?
Before you think about dealing with what property goes where, you should take an in depth inventory of your assets.
This will help in deciding which beneficiary gets more or what not, and it will also help you in knowing what you got to work with.
In terms of property available in a will creation, real property, cash property, intangible personal property, and unproductive property are all available in place for a will.
Real property deals with physical estate, like houses, land, and buildings. Cash property applies to money, whether it be available in safes, checking accounts, or other bank accounts. Intangible deals with bonds and stocks that are tied with business ownership.
Unproductive property is property that is usually sentimental, property that cannot be reproduced.
This is family heirlooms and jewelry that has been passed down through each generation. This also deals with valuable objects like cars and other investments that are owned solely by one party.
Property Not Allowed
Not all property is allowed, as housing jointly owned, by two parties, cannot be included in a will.
This works in terms of marriage or split leases, where there are two identified people owning an estate.
Trusts also cannot be included in a will, as they highlight a specific beneficiary already.