If you have cancer and it is terminal, you need to do many things to handle your affairs now. Doing these things will make it much easier for your family members after you pass away. One thing you must do is to set up a will. Below are the reasons why this is so important, as well as what will happen if you do not take the time to get a will before you pass.
Create a Will
One of the most important things you can do is to create a will. A will is a legal document that you choose how your assets will be distributed after you pass. You will name someone to be the executor, who will handle everything for you. You also have the option of naming more than one person as the executor.
If you have children, you can state in the will who you want to have custody of them. This is important as if you do not do this the court can decide who gains custody of your children and they may name someone that you would not approve of.
You can state that someone takes care of any inheritance your children receive. For example, this person could keep the inheritance for your children until they reach a certain age, such as 18 or 21, and are better suited to handle the money and property they inherit.
Another thing you will put in your will is how to handle your funeral, such as if you would like to be buried or if you would prefer cremation.
What Happens if You Have No Will
If you do not set up a will while you are alive, your family may have to deal with probate. Probate is a legal process through which the court will distribute your estate and other assets to your family members. The probate court will also designate beneficiaries and how your family needs to handle paying off any creditors that you may owe.
Probate can get very expensive and there are times when it can take months or years to get everything properly distributed. This means property and other assets will sit there during this time. Some of the fees you will pay include the fees for the executor, fee for a probate attorney.
In many cases, there will not be conflict during the probate process. Still, you never know if you will have any family members that will contest the decisions of the court.
Hire a probate attorney now just in case there are problems with the will and your family has to go through the probate process. You can have this attorney on standby and give their name to one of your family members so your family will know who to contact. The probate attorney you hire can also give you many more details about the information above.
For more information, visit a website like https://www.rmstoneattorney.com/.Share
15 November 2019
When I started my first small business, I had no idea how much I really didn’t know. I was fully prepared to deal with customers, sell product and even handle complaints and returns. What I wasn’t aware of was that there is so much more to it. I was lacking the legal expertise to protect the company and myself. I wanted others to benefit from my experience, mistakes and lessons learned, so I started this blog. From employment law to the legal business contracts you’ll have to sign when you form partnerships, business law is complex. I hope that the information here will help you to be better prepared when you start your business so that you’ll know when you need to call an attorney and when you can handle things yourself.