Ann Arbor Real Estate Attorney

When You Die, What Does a Will do?
 by: Stuart Simpson

I know it may sound simple, but there are things a Will does and certain things it cannot do. Most people don’t have a will and don’t even want to talk about it since it relates to death. A lot of people don’t even have life insurance, either. I had a boss that was speaking to his accountant one time, “If I die-” started my boss, and his accountant said, “There is no “IF”, its just “WHEN”. We all will die and it would be nice to have a will to help your family decide what to do with your money and belongings.

Why do you need a will? Would you rather probate courts decide the fate of your children? The court decides where the kids are sent for foster care. That should be enough to scare you out of your shoes. The court will also decide what happens to your assets. Yes, all your stuff and money. So you may have money and a nice house, then its all gone and the kids are sent to the state home.

I know, it sounds harsh. So what can a will do for me?

First, a will can indicate where your assets and property go. You can also name a guardian for your children and their property. You can also name an executor to administer the will. This executor can be given powers and compensation for taking care of your estate.

But here’s the tricky part – a will can’t override anything with a named beneficiary. For example, your life insurance has a beneficiary that was established at the time you wrote the policy. Also, a will can’t nullify the terms of a trust you’ve established.

So what should you do? Inventory your assets that will pass through the will. Like checking accounts, CD’s, stocks, bonds, real estate, etc. These are called probate assets. Nonprobate assets would include things like your life insurance. These items have named beneficiaries.

Make a list of your beneficiaries and decide what you want them to have. If you have children from your current marriage, then the decision would probably be very easy – give the items to your spouse. If you have kids from a previous marriage, plan carefully and list them as well as their relationship so the executor will have no questions and will hopefully limit anyone contesting the will.

I hope this gave you some idea as to why a will is an important planning tool not for you, but for your family. You don’t make a will for yourself, as you will be dead, you make one for your survivors.

About The Author

Stuart Simpson

http://www.attorney-lawyer-information.com

It is common knowledge that one cannot do everything alone. The path to building wealth is no exception. One of the main keys to achieving long-term wealth through real estate is having a support system in place to give you support, knowledge, and guidance when you are building your dreams and working toward your investing goals.

Besides having supportive friends and family, finding professionals that vest themselves in having a stake in your success can make life easier and more productive.

The following is a partial list of professionals that every investor should involve on their path to success, because can add value to your life and give you objectivity when you need it most:

1. Real Estate Broker that specializes in investment real estate

2. A Reliable and responsive property Management Company

3. An accountant or CPA well-versed in investment planning

4. Mortgage Company that specializes in a variety of financing programs for investors

5. Real estate attorney

6. Financial adviser, professional money strategist, or coach

7. Business adviser or coach

8. Mentor that has experience investing in the property types or strategies you prefer

9. A Spiritual source to keep you strong on the inside while you grow

10. Any person that inspires you to achieve and grow personally

Surrounding yourself with positive, supportive, reliable, and successful people and professionals will provide the support you need to adopt the successful attitude, belief, and faith in yourself that will help you achieve everything you want in investing, and in life.

Suzette West, ABR, EBA is an exclusive buyer’s agent in Seattle and the surrounding areas of Western Washington who supports real estate buyers and investors through every step of their real estate investment journey. As an exclusive buyer’s agent, she turns down listings in order to give buyers total loyalty and dedication in the spirit of partnership.

Her mission to help her clients build wealth and achieve financial independence through real estate investing and through the creation of a supportive environment that comes from her vesting in their success, abundance, and prosperity. Her business, World West Investments serves the following areas in Washington State: Seattle, Bellevue, Tacoma, Port Orchard, Silverdale, Bainbridge Island, Poulsbo, Capitol Hill, Fremont, Phinney Ridge, and Olympia, as well as other areas within the South Puget Sound. Sign up to receive Suzette’s free e-course, “Three Steps to Building Wealth Responsibly with Real Estate” at http://worldwestinvestments.com

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