Whether you own a large or small estate, you need to make sure you have a will in place. By signing a will, you can designate where your assets should go after your death. If you do not create a will, you will die intestate. In turn, the state will distribute your property. Usually, the distribution is made to the closest members of your family first and proceeds from there.
Who Can Create a Will?
According to estate planning lawyers in Moline IL, the testator of the will must be of sound mind and at least 18 years old. The will must be signed by the testator in the presence of two witnesses. Each of the witnesses must sign the document in the presence of one another and the testator as well.
Signing the Document
Estate planning lawyers further state that wills must be in writing. Otherwise, an oral will is not recognized by the court system. In Florida and other states, inheritance legislation makes sure that a decedent’s survivors receive what is bequeathed to them.
Common Law Legislation
The distribution of an estate of a married decedent is based on whether a state follows community or common law. In Moline IL, estate planning lawyers follow the statutes set aside for common law. That makes allocation more difficult. For instance, in a community property state, a spouse is entitled to 50% of the property acquired during the marriage. However, this is not true in a common law state.
Instead, ownership is determined by the spouse’s income used to buy a property, if a title is not relevant, or by the name of a property’s title. Inheritance rights can vary depending on the recipient too. That is why you need to speak with an attorney, such as David J. Franks. You simply cannot draw up a will or obtain answers to questions on inheritance with legal consultation. Make an appointment today to resolve any concerns.
