Did you just have your first child? Congratulations! It's an exciting time in your life, and you're probably wondering what you need to do as a new parent. While there are a lot of steps you need to take, let's focus for a moment on one of the most important: writing a will.
You're writing a will, and you mention to a friend that you worry about your heirs starting an estate dispute. One in particular seems like they may be unhappy with your decisions and may drag their siblings into court.
It's the basic question behind the start of estate planning: What assets do you have? What do you want to happen to those assets?
A will is, for many people, the basis of the estate plan. It's the first document they draft. It may be all that they think they need.
You know that you need a will, and you know that it is best not to put off writing it. However, you also feel like you have decades left -- barring an accident or something else unexpected -- before your heirs will need to use that will.
When you cut someone out of your will entirely, it's known as disinheriting them. They get nothing from your estate. It's a drastic step, but one that some parents opt to take.
A holographic will is fairly simple. You create the document by writing it out yourself. You then sign it to show that you stand by what it says and that it reflects your wishes.
As the name implies, a deathbed will is a legal document drafted when you know that you will not recover from an injury or a disease. The medical professionals tell you that death is imminent and it's just a matter of time.
You think you have decades before you'll need a will, so you don't bother to write one. Then you pass away in a car accident far sooner than you assumed. You've now passed away without an estate plan, so what happens to your estate?
It's easy to put off writing a will. You feel like you have a lot of time to get it done, the legal process can be confusing and you think you'll be better prepared when you're closer to the end of your life. These are just three potential reasons, but people can give you nearly an endless list of reasons they haven't written a will.