While there are many benefits to having an estate plan, there are also some complicated situations that may arise that will leave you wondering how it could affect your will and the transfer of your wealth. For instance, if you are married but planning on getting a divorce, if your spouse’s name is on the deed of your property, that is something that must be taken care of before you can elect who is going to receive it in the event you pass away. Or perhaps you have minor children and want to be sure they are going to end up in the right hands should both you and your spouse become engaged in a fatal accident.
Although these particular scenarios may not directly apply to you, certain aspects of our life do control how we write out our will, and will play a role in how our things are passed down. Some of the common things a person does include in their will are:
- Appoint guardians for minor children.
- Name your executor, or personal representative of your estate.
- State how you want to pay any revolving debts or taxes.
- Provide a guardian for your pets.
- Take this as an opportunity to disinherit someone from receiving certain things that belong to you.
- Name who will receive your tangible assets.
- Set up trust accounts.
- Decide how someone will receive their assets. For instance, you can outright hand it down to them, they could receive it in increments, you can elect to have it given to their guardian until they reach of age if it is a minor, or provide it to them in the form of a trust.
- Decide who will run your business or how it will carry on.
Of course each person’s last will and testament is going to be different and based on their own particular circumstances, one thing all have in common is that they must abide by South Dakota’s state laws. And if you aren’t certain yours matches up to them, it is time you speak with a trusting estate planning legal representative today.
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Because we don’t know what tomorrow brings, it is important to have a skilled will and trust attorney in South Dakota thoroughly inspect your will and other estate planning documents for any fallacies. We invite you to take a moment now and browse through our featured trust and estate lawyers in your area and determine which possess the qualities your matter requires.
Here at USAttorneys we understand how important having a well-crafted estate plan is which is why we want to ensure the lawyer you entrust is someone who is licensed, professional, and knowledgeable in the field of estate planning. Give us a call today and learn the many ways in which we can help you.