Sometimes, there are will contests over the validity of a will. If there is any concern that a will is not valid, then the beneficiaries may turn to the court to find out the opinion of the judge. They may contest what's inside and show why they believe it should not be valid.
As someone who does not want your beneficiaries to fight following your death, you should know what makes a will valid and what you can do to protect the will you create.
Inheritances are fairly common in the United States, and they can be a great way to receive property or assets from a loved one who has passed away. Inheritances can include property, stocks, funds and other investments, giving you a step up in life thanks to your loved one's hard work.
If you are to receive an inheritance, one of the things you may be asking is what you should do when you receive it. Once you receive the assets or money that your loved one left for you, it's essential that you are prepared to protect it.
Heirs and beneficiaries stand to inherit a portion of a loved one's estate. Depending on the estate's value and the terms of the inheritance, heirs could be receiving thousands of dollars or property worth even more.
Not all estates contain a will, and with that comes trouble for heirs and beneficiaries. Without a will, the heirs and beneficiaries have to go through the probate process and seek out what they're owed. In fact, only four in 10 American adults have a will, which makes everything much more complicated.
Some parents ask a very difficult question, "Can I disinherit my child?" There are various reasons that you might want to disinherit a child, from the reality that they don't need any of your assets to the realization that they would misuse it.
The real question here is if you should be able to disinherit a child, and the answer is a resounding, "yes." Once your child is over 18, there is nothing you owe them in terms of your assets. Raising a child to adulthood grants you the authority to leave them an inheritance or nothing at all.
As an heir to your parents' estate, nothing could have been more shocking than finding out that you'd been removed from the will. The trust your parents had set up was revocable, and it had been revoked before they died. You were left with nothing, but how? You're an only child and the only heir to their assets.
You come to find out that a one-time nursing aide who had worked with your parents has been named the sole beneficiary of their assets. Sound strange? It is, especially since you discussed your inheritance with your parents in the past. Now, you have a good reason to contest your parents' will and the changes that were made.
A will is an important document. It protects you, and it protects your family. It tells everyone your final wishes and can help distribute your property.
A will is a legally binding document so long as it is made when you are mentally competent and with the right witnesses. If you choose not to have a will, then your estate will go through probate upon your death. This process is much longer than if you had a will in place, which is why most people choose to have a will in place before their deaths.
Estate administration is more than just distributing assets according to a will. Estate administration requires the administrator to take possession of all real estate, stocks, personal belongings and other assets that have been left behind by the decedent.
The administrator of the estate (or executor) needs to do many things when a person dies. Upon their death, you'll take on the legal responsibility of administering the state including protecting and distributing property, paying taxes, notifying creditors and other tasks.
If you are going to be an heir to an estate, it's important that you know what you need to do when your loved one passes. As an heir, you may need to wait for the estate's executor to pay creditors, taxes and to locate the will before you can get what you're owed.
As an heir, it's essential that you are aware that you're included in the will. Why? Some executors may go as far as to fail to notify you, which could hurt your ability to collect what you owe.
When you have a blended family, it's important that you take the time to do what you can to protect your children's inheritances. In a blended family, estate planning can become a challenge, as former spouses and various estranged relatives may try to take advantage of your estate.
If you are on your second marriage and have children with both of your ex-spouses, it's important to protect your children's inheritances directly. Some ways to do this include:
A will is a vital document in any estate plan. Without it, no one can know your intentions and what you'd like to see happen with your assets. Without a will, your potential beneficiaries and heirs may fight over your estate, and they will likely have to go through probate, which is a long, drawn-out legal process.
There are many stories of families that have been ruined or trapped in long feuds over their deceased loved one's estate. From siblings fighting over the family home to close relations arguing over assets that they believe should go to them, it can be a real mess.
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Mary C. LaGrone
234 4th Avenue North, Suite 300
Nashville,
TN
37219
Phone:
615-988-4106
Fax:
(615) 242-6750
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