Preparing or updating a will
If it is found to be valid, assets are distributed according to the will.If the will is found to be invalid, assets are distributed in accordance with state laws.An executor is the person who oversees the distribution of your assets in accordance with your will.Most people choose their spouse, an adult child, a relative, a friend, a trust company or an attorney to fulfill this duty.*American Bar Association Division for Public Education In most cases, a surviving parent assumes the role of sole guardian.If you have no apparent heirs and die without a will, it's even possible the state may claim your estate.Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death.
Use this information to carefully consider how you want to distribute your assets.
Without a will, the court will appoint a guardian for your children.
Speak to your estate planning attorney for more information.
Wills are not just for the rich; the amount of property you have is irrelevant.
A will ensures that what assets you do have will be given to family members or other beneficiaries you designate.
States require that you sign the will in front of witnesses-the number of witnesses varies by state.