Dividing your assets is one of the major activities involved in preparing a will. Drafting your will, however, is not solely about dividing assets. There are also legal matters that you should think about.
Some of these legal matters include the rights of your heirs, as well as the taxes that they will need to deal with. Here are some concerns that you should learn about:
Each state in the country has different laws on legitimes. What is a legitime in the first place? Simply put, this refers to the properties reserved specifically by law for the benefit of your heirs.
Often, properties go to the primary heirs who usually are the spouse and children. In general, laws ensure that there is no prejudice against rightful heirs. These come into play, especially in cases where a person decides to grant all their money and assets to another party without considering the immediate family.
One of the key activities handled by every seasoned family law attorney in Colorado Springs when it comes to estate planning is the determination of assets. ShayneLaw.com notes that it is essential that you know exactly which properties you own as this will tell you which ones you can and cannot dispose of.
For example, if you have an interest in an indivisible property, the best course of action is to offer your interest for sale to secure the value for the benefit of your heirs.
In the absence of a will, intestacy laws apply. The danger of these laws is that some properties may be seized or levied for tax purposes. Your heirs may not inherit the properties you want to leave especially for them.
For advice on the issues concerning wills, it is best to consult with an experienced lawyer. Knowing about the relevant laws on estate planning greatly helps in coming up with a will that the courts will recognize.