When people think of estate planning, they most often think of wills and trusts. While everyone has some idea of what a will does, gaining a better understanding of this legal document will help you better plan for your family’s future. Below, a few commonly asked questions are answered to help you better understand what a will can do for your family.

4 Answers to FAQ About Wills That You Should Know

What if I die before I make a will? 

If you’re deemed intestate, which describes someone who died without a will, your estate will be distributed according to state laws. The probate court will appoint an administrator, who takes the place of the executor you would have named in your will. Your next of kin will have certain priorities to become the administrator, and the person appointed may not be the one you would have chosen.

Can I have a joint will with my spouse? 

Your attorney will likely advise against this option, even though it may be permissible under the law. The reason this is not a smart idea is that you will most likely not die at the same time and you will want to ensure your spouse’s needs are met in your will. Additionally, you each may have ex-spouses or children from previous relationships to care for after you die. A separate will can better address these issues without confusing the court.

How can I leave specific assets to my heirs?

Some people don’t realize that you can leave specific items to the heirs that you choose. For instance, you may want to leave your wedding dress to your oldest daughter. Simply specify that in your will. You can also attach a letter of instruction to your will, which specifies these types of arrangements. This is also a smart place to leave account passwords and other sensitive information that you may not have passed onto your attorney.

Can I make my own will?

A will must be signed according to certain formalities under state law.  If you do not follow those requirements, then the will may not be valid.  There are also state requirements as to the powers of the executor, including the power to sell property, that are important to include in a will.  It is best to get the advice and help of an attorney in preparing a will.

Nichols, Speidel & Nichols is a law firm that specializes in estate planning in the Clermont, OH area. Their lawyers will explain more about wills and other estate planning options, so you can ensure that your family will be taken care of after your passing. Visit their website to learn more about their services, or call (513) 732-1420 to schedule a consultation with an attorney.