Many people don’t create valid wills, which leads to dying intestate. Intestate can create a lot of difficulties for heirs. Without a valid will, there are no instructions left behind that detail the testator’s last wishes and how they wish for their assets to be distributed. This is why it benefits testators to have a valid will in place and located somewhere accessible.
This fact is just one important detail you may need to know when learning about estate planning. Here are several more facts you may need to learn:
1. Estate planning isn’t just for the wealthy
It’s often believed that estate planning is something only the rich do to instruct how their assets are distributed. However, estate planning has many other benefits. For example, a testator can assign a power of attorney. A power of attorney is someone who would manage the testator’s medical and financial matters if the testator was incapacitated.
2. You can update your estate plan for many reasons
People can update their estate plans. Many people update their estate plans every few years to include new assets and investments. A testator may also wish to revise their estate plan after marriage to include their spouse as beneficiary. Or, a testator may update their estate plans to name a child guardian of a newborn.
3. You can remove heirs from your will
Another kind of change a testator may make in their estate plan is removing an heir. In some cases, an heir may be removed because of difficulties in the relationship between the heir and the testator. A testator doesn’t have to leave an heir anything, but they may leave a very small amount of money to make a point of their removal.
There’s a lot to know about estate planning. If you’re looking to make an estate plan, then you may need to reach out for legal help.