Planning where your assets and belongings will go to after you die is necessary to create peace of mind as you become older. Creating a will can be difficult, though, as many Americans are unfamiliar with the process due to a variety of shifting social and economic factors. A will can keep your family economically secure after you pass, particularly if they have special needs or are struggling financially, and should be done as soon as possible with the aid of a lawyer. If you are considering writing up a will then you need to be familiar with the basics of financial planning and how to seek out the correct services, such as a will lawyer, that can help you.
Wills In America
Over half of all Americans between the ages of 55 to 64 haven’t created a will, with 64% of the general public being without. There have been multiple studies published as to this economic trend — some have factored in the misguided idea that young adults don’t need wills, while others have pointed to perceived difficulty. A common reason for seeking out information about wills, however, is closely linked to insurance policy and security.
Modern Insurance Policy
Each state has its own unique challenges when it comes to providing the local population with sufficient insurance policy. Alabama, for example, sees around 50% of its children enrolled in Medicaid. Women are the majority of adult Medicaid beneficiaries at an estimated 52%, with the program being an essential resource for maternity care and births. Creating a will ensures that if your family is having difficulty receiving the care they need they won’t have to deal with additional debt, to boot.
Estate Planning
There are multiple routes you can take when detailing your home’s assets in a will. A recent law has established an estate-tax exemption called a bequest– gifts to other individuals after your death — that can be worth up to $5 million. Anything beyond that amount, unless you’re married, will not see you exempt from the tax. While keeping these tips in mind is useful, it’s highly suggested you contact a will lawyer to iron out the specifics.
Seeking Out Legal Services
If you need to craft a will that matches your personal assets and unique situation, a will lawyer can help you navigate the legal field and make sure it’s done correctly. If you are a homeowner a real estate attorney is who you should seek out to help you properly assess potential tax exemptions and distributions of your home assets. Crafting a will involving medicaid planning or real estate takes time and research, but will ensure that your loved ones and precious belongings are secured for the future.