Will Writing with an Inheritance

What is inheritance?  An inheritance is defined as whatever one receives upon the death of a relative due to the laws of descent and distribution, when there is no will.  Today inheritance means anything someone received at the death of a relative regardless of whether there is a will or not.  

Writing an Inheritance Will

Writing a will with an inheritance is not difficult.  Any property you leave in a will is considered an inheritance.  When you write a will there are things to consider:

  • Do you have a spouse that you needs to be considered
  • Are there people that you specifically want to exclude
  • Do you have children from a previous marriage or relationship
  • Are there assets that may pass outside of the will such as insurance proceeds
  • Are there minor children
  • Do you need to create a inheritance trust for minor children

One method to prepare for creating a will is to use an inheritance form, which would help categorize the amount and type of property you wish to leave family and friends.  Creating a will is an essential part of estate or financial planning.

What Happens to an Unclaimed Inheritance?

If an inheritance goes unclaimed, it eventually becomes property of the state in which the property is located.  Unclaimed inheritance can be real property, proceeds from insurance policy or funds left in bank accounts.  Inheritances generally go unclaimed because the decedent failed to make a will or to designate what was to become of the property if for some reason listed beneficiaries do not take their inheritance. 

Do You Need a Lawyer?

A will is an essential part of any financial or estate plan.  Each state have different requirements for executing a valid will.  If you have a complicated estate or financial plan, you should have your will drafted and executed by an experienced attorney.  Choose an attorney experienced in Elder law if your will is part of your financial planning for retirement. Experienced elder law attorneys can minimize the problems your family will face at you death through proper planning.

Summary

Writing a will is not difficult as any property you leave in a will is considered an inheritance.  Any type of property can be left in a will.  A valid will is an essential part of estate planning.  Wills can be complicated or simple.  The complexity of your will depends on the amount of property you have to leave or the number and ages of the heirs, you have.  You should have legal counsel assist you in drafting and executing a will to protect your family at a time that is most stressful to the family.

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