When I started to work with the city, I realized that I was going to be working alongside our attorneys every single day. While I was a little nervous around them at first, we quickly became friends and all of that anxiety melted away. It was really neat to see how many different subjects they could handle, and I realized just how necessary they were for helping me to manage various daily occurrences. On this website, I thought it would be really great to start talking about how to work with lawyers, and what it might mean for you and your family if you seek legal advice early.
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How To Make Sure Your Will Accounts For All Possible Scenarios
Cassandra Stone
When you write a will, one aspect of the will is the beneficiaries that you named in the will. You will name primary beneficiaries who will receive an inheritance after you pass away and you may also need to name a trustee for minor trusts if the beneficiaries will be minors. It's important to speak with a wills attorney who will help you make sure that your will accounts for all potential scenarios.
Minor Trusts and Trustees
After all of your taxes and debts have been paid for, the remaining assets in your will are distributed among your beneficiaries. However, if one or more of your beneficiaries have not yet reached adulthood, you will need to place the assets in a minor trust.
To place the assets in a minor trust, you must name a trustee in your will. The job of the trustee is to manage the assets on behalf of the beneficiary of the trust until they are old enough. A trustee can use the funds as long as they are for the well-being of the child. For example, the funds can be used when the child has medical bills that need to be paid.
If there is no reason for the funds to be spent, the trustee will need to manage the funds in a manner that will allow the inheritance to grow. If you're not sure if a minor trust is right for your will, there might be other options available and you should discuss this with a lawyer who specializes in writing wills.
Alternative Beneficiaries
A common problem that emerges when executing a will is that the beneficiaries have passed away. This most often happens when several members of a single-family pass away after an accident. This can also result simply from a beneficiary passing away before you are able to update your will.
A lawyer can help you create a plan that includes alternative beneficiaries. These can include charities or other individuals. For example, more distant family members might be included in your will.
Updating Your Will
Even when you believe that you have worked out all possible angles, it's always important to update your will periodically. For example, when the beneficiaries are older, when you get married, or when there is a new addition to the family, it's always a great idea to sit down with a lawyer to update your will.
Consult with a will attorney to learn more.
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