Wills are one of the most common and familiar ways for people to describe how they would like their estates to be handled after their death. A Will affords you the opportunity to let your family and loved ones know how you would like your property distributed. A well written Will can be of great assistance in easing the transition for your survivors.

A Will can be a simple document, or can be extremely lengthy and complex, depending on the nature of the individual’s estate as well as the preference of the person making the will. A Will generally will describe the estate and identify those people who will receive the property. A Will can also contain special instructions for how property that is being given to a minor child or disabled person should be handled, set forth gifts to charities and the like. Additionally, a will can be used to identify guardians for minor children.

Sometimes people think they do not need a Will because they do not have what they consider to be a significant estate. Regardless of the size of your estate, though, it is important to have a Will. Having a Will gives you the power to determine what happens with your estate after your death. However, if you die without a valid Will, the distribution of your estate will be determined by law. This means that your property will be distributed without any input from you.

If you have a Will, you should take care to ensure that it is kept up to date. Some events which may justify a review of your will include:

• A change in your beneficiaries
• You get married
• You have a new baby
• You get divorced or your spouse dies
• The size or value of your estate changes
• You move to a new state

Even if none of these events apply to you, you should consider having your will reviewed at least every three years.

Additionally, depending on the size of your estate, your estate may be subject to federal estate taxes. If that is the case, those taxes may have a substantial burden on the estate and your survivors. There are, however, ways to avoid the impact of those taxes through proper estate planning. This may include establishment of trusts, re-titling property, making early gifts to beneficiaries, among other options.

At Shields & Hoppe our attorneys will work with you to ensure that you have the right estate plan to meet your needs.

Living Wills

Living Wills are also an important document you should consider. A Living Will, sometimes known as an Advance Directive, is a document which gives you the opportunity to provide instructions to your loved ones and your doctors about the medical treatment you would like to receive or do not want to receive in the event that you suffer a traumatic injury that affects your ability to make decisions for yourself. If you have questions about Living Wills, please contact us.