Will Power: The Limits and Exceptions of Estate Planning

Estate PlanningLife is short. This fact might have kept you up at night, thinking who will inherit your estate when you pass away. While they may be purely sentimental or not, writing them down on your will puts your decisions in power even after passing on.

One of the benefits of estate planning is avoiding the drama and trouble of conflicting interests among your family members and other beneficiaries. If you were, however, to die without a will, then the state will determine how your properties are to be distributed and who will inherit what.

While the power to determine what happens to your estate is in the testator (your hands), it is not without limitations. Make sure to remember the following limitations and exceptions regarding your will:

Designating an Executor

An Executor is the person assigned by the testator to carry out the will. If you are unable to designate one, then the state has the right to appoint one.

While it is not required to hire a lawyer when creating a will, their legal advice and guidance for estate planning may assure the testator that all grounds are covered. This keeps the state’s hands off your properties.

Making Changes

If you have made a will and have decided to change some aspects after being witnessed and signed, crossing them out invalidates its power. Changing the terms of your will requires the creation of a new document altogether.

Without witnesses and validation, the power of distributing your estate is turned over to the state.

Carrying Out the Will

When writing your will, it is best to be as specific and detailed as possible. Not doing so will lead to the various interpretations of different people involved or mentioned. Moreover, the instruction becomes susceptible to modifications.

By writing a letter of instruction on how the will is to be carried out, loopholes are addressed and your wishes are followed without trouble or misunderstanding.

Use the power of your will to get things done your way. Keep these limits in mind when you write your will, and make sure to seek legal counsel for a smooth process.