The lawyers of Froerer & Miles are dedicated to the people of Ogden. We provide legal assistance and counsel, always with an eye for the client. Our ultimate goal is helping the people we work with feel confident and well-informed about their decisions, whether those involve family law issues, civil litigation, or complicated wills and estate planning issues.
Our team has fielded many questions from clients about estates and wills over the years. Let's consider some basics about estate planning and then focus on the contents of simple wills and complex wills.
The Importance of Estate Planning
Careful estate planning is crucial as people get older and consider the future of their children, heirs, and other beneficiaries. By considering matters ahead of time regarding inheritance, property, and so forth, good estate planing can reduce taxes and expenses following a person's passing while also maximizing the overall value of an estate.
It's often a good idea to consider estate planning matters as you reach advanced age or experience health setbacks. A key component to estate planning is the drafting of a will. There are different kinds of wills, but our primary focus will be simple wills and complex wills.
What Is a Simple Will?
A simple will is a formal written statement drafted when a person expects few estate issues after his or her passing. This allows a testator to pass on property in an uncomplicated manner. The simple will often contains an introduction and declarations that identify the drafter of the will and their intentions regarding the distribution of property and other assets. The will names an executor who will be responsible for seeing the document through the probate process, and may also identify the guardian of any minor children when warranted.
What Is a Complex Will?
A complex will contains everything found in a simple will, yet the document is drafted to take into account much more complicated estates. Complex wills should be considered when you have an estate that is valued at more than $2 million or feel there is a chance that your will may be contested in some way.
These kinds of wills are ideal when there are matters involving children from multiple marriages, a special needs child, establishing trusts for beneficiaries, the continuance of a business, and the collection of owed debts. Complex wills can also take into account stipulations in prenuptial agreements that may affect the terms of the testator's own will.
How a Lawyer Can Help with Estate Planning
As you can imagine, drafting even a simple will requires careful attention to detail and a knowledge of federal and state laws regarding taxation, estates, and property. It's technically possible for testators to go about drafting a will on their own, and there are even forms and kits that can help in the process, but it may involve a great deal of uncertainty and worry to place that burden entirely on one's own shoulders.
If you work with a lawyer when drafting a will, you will have peace of mind. An estate attorney can walk you through the entire process and offer insight that you may not have arrived at on your own. When discussing estate planning matters with your attorney, you'll receive all the information you need to ensure optimal outcomes for your beneficiaries.
Speak with the Attorneys of Froerer & Miles
For more information about estate planning and the writing of wills, be sure to contact our team of attorneys today. The lawyers of Froerer & Miles are here to help you understand this process and what it entails.