Do You Require an Attorney to Write Your Will?
As you grow older, you should start thinking about writing up your will, where you split and divide your assets to the people you care about after you pass away. Generally, writing a will is not a difficult process, provided that all the correct steps are taken and there aren’t any irregularities in your will. This article will help you understand if you need an attorney when writing up your will. (Related: trusts and estate attorney, probate attorney, estate lawyer)
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Technically you don’t require a lawyer to complete your will. For a will to be valid, you must formally present your will to two independent third parties; you can do this, but your will maybe be at threat if certain formalities are not met, or potentially even challenged after you pass away if someone has the right to challenge for a larger share.
Situations Where an Attorney Can Help You When Writing a Will
Ensure All Paperwork and Proceedings are Carried Out Correctly
An attorney will ensure that all the requirements for a valid will are in place, where you may miss this if done by yourself.
A Fair Will That Is Not Likely to Be Challenged
If someone feels unjust in the decision of their share in a will, they may have the right to challenge. Although not common, this does happen. An attorney can help give you their expert opinion if the will is fair and less likely to be challenged on fair grounds.
What to Do with Business Shares and Other Assets
Dividing business shares and other monetary assets can provide the biggest challenge. You may not completely understand how much your shares may be worth, or if your assets are subject to more tax. An attorney can help you recognize any misunderstandings you may have or help you look in the right area where you can find out things that may impact your will.
Better Understanding of Tax Complications
Receiving shares from a will can actually come with hefty taxes, depending on the value received. An attorney can help you understand these taxes, so when dividing your assets, you can share it equally after tax.
Will writing gets much more complicated over time when more assets are amassed, and more money is involved. If you have a lot to go over and are not sure how to go about the process, you should not hesitate to contact an attorney to help you figure out what is the best way to go about this process.