Do you have a will?
If not, it’s time to sign up for one. A will is one of the most powerful tools in your legal arsenal, yet far too many Americans today either haven’t updated their will or created one in the first place. Should the worst come to pass the ability of a will has the ability to provide your family and friends with closure. For those that receive disability checks or have found themselves fearful of the process, a business lawyer can assist you with creating your first will. While homemade wills are still done by some, keeping up with modern laws and having a professional inform you of any necessary changes is essential to giving you the peace-of-mind you deserve.
Here are five simple things to know about crafting a living will, from qualifying for benefits to meeting with a will lawyer.
Many Americans Don’t Have A Will
You likely haven’t thought much about making a will. Why would you when you already have work, school and a social life to manage? This is a common thread of logic for many, according to recent studies, and far from the only one. Over half of Americans between the ages of 55 and 65 don’t have wills. Of the general population? Nearly 65% of the public doesn’t have a will, whether homemade or crafted with the aid of a will lawyer. It’s highly recommended you get started on your will as soon as possible to give you peace-of-mind.
You Can Ask For Help With Estate Planning
Not all wills are the same. From different lifestyles to different budgets, each one is best done reflecting the unique situation of the person in question. For those who own a home, reaching out to an estate planning attorney may be your best option. Today there are over seven million mortgage borrowers in the United States with rates of 4.5% or more who could qualify for refinancing their mortgages. Unless your estate is planned at more than $5 million (or $10 million for a couple), you are exempt from federal state taxes.
Wills Can Be Customized And Changed Frequently
A will is not static. It can be edited or changed outright depending on what you need. Legal services are a fantastic resource to tap into when you need assistance with figuring out all the little details that go into your unique will. You are able to leave bequests (or gifts to other individuals upon your death) worth up to $5 million free of any federal estate tax. Legal help can also help you figure out how to mediate if you have joint custody of children or are still receiving disability benefits. If you’re under the age of 40 and still don’t have a will, it’s never been a better time to make one.
Your Business Or Benefits Can Be Factored Into Your Will
Whether you’re a sole proprietor or own a small firm, your will can reflect your business or benefits. Medicaid is an essential resource for those that require coverage for maternity care and covers nearly 50% of all births in Alabama. Since state benefits will change on a regular basis, for both Medicaid and any business-related assistance, having a will lawyer will make sure you’re never in the dark about what you need to know. The percentage of seniors who have living wills (also known as advance directives) increased from 45% to nearly 70% in 2010.
Create A Will With The Help Of A Will Lawyer
A will lawyer can walk you through the process of creating a custom will to reflect your business, estate or health benefits. Americans today either don’t believe a will is necessary or find themselves putting off a meeting because of perceived difficulty. With the aid of a professional you can plan out your estate, factor in any outside benefits and obtain a working will that will protect your family when you pass. Legal services today are doing their best to reach out to seniors still in the dark about the function of a will and the impact it has on their lives.
Create a will this year so you can stop worrying about it and move forward with confidence.
