Wills. It calls to mind a piece of paper with cursive writing, a legal document where a bunch of names are included at the end. It matters for estates, for properties. It is an issue that can make a family member upset or drive a family apart. It can also be the closing of a chapter. A new beginning in life.
Everyone above a certain age should have a will. In fact, it is smart that anyone with liquid or hard assets to have a will. The will can determine who gets the property when the person who has the will dies. This is a big issue and a central focus of estate lawyers, who represent a person after death and execute the will.
A will is useful for many reasons. The first of which is that it removes uncertainty when it comes to dealing out the properties to relatives and children. Property may be placed in the hands of a spouse, grandchildren, relatives, children, and more. Property may be bequeathed to a random person or a friend. There are many ways to do it.
A will become particularly useful if the person has real estate property. Real estate assets are tough to deal with. They are investments that have been paid off over time. They are helpful in that regard. The person who owns real estate property will bequeath that property to someone or else it will go to the government.
There are some statistics about wills and real estate that are worth noting. They are:
- Only 20% of people aged between 30 and 39 have a will, despite this being the most likely age bracket for couples starting a family.
- 60% of those surveyed said they believe all adults should have estate plans, but only 44% said they have one.
- 75% of survey respondents said that they would be more likely to create or update their will if there was an easy, valid way to do so online.
- In a survey for reasons for not having a will, 18% said it was not necessary, 16% said it was too complicated to deal with, 14% said it was too expensive, and 13% said they believed that a spouse or children would automatically receive any assets.
- Approximately 55% of American adults do not have a will or other estate plan in place.
- The number of American adults with living wills increased between 2004 and 2007, rising from 31% in 2004 to 41% in 2007
An estate lawyer is someone who handles the estate of a person once they have passed away. Estate lawyers are generally smart individuals who are well-educated and can find themselves in position to deal with matters relating to estates that are in a person’s will.
Estate lawyers may be educated at a number of schools around the country. Estate law is taught in many schools around the country and is big at certain schools. Although all law is difficult to some respect, estate law seems fairly straightforward and it pays well as well.
A will is something Americans need to have above a certain age or if they have assets available to them that would need to be passed on to family, children, grandchildren, and more. Those assets can include real estate assets, personal assets like cars or trucks, smaller assets like books or televisions, and more.
There are many terms associated with this that need to be noted. They are will and estate lawyers, Tennessee debt collection laws, Tennessee collection attorney, real estate law, real estate lawyer, lawyers for wills and estates, estate planning, estate planning attorney, lawyers in Maryville TN, legal advice, and more.
Debt is an important consideration when it comes to wills. Two statistics that are worth noting in this article are:
- Nearly 42% of all American households do not have enough in liquid financial assets to support themselves for at least three months.
- Lenders and investors do not make money on foreclosures. Losses range from 20 cents to 60 cents on the dollar. Lenders typically lose $50,000 or more on one foreclosure.
It is important for Americans to have will in the advent that die, which can be expected or unexpected. Having a will keeps assets protected and makes sure they go to individuals that the person who has passed away wants them to go to.