Can An Insurance Lawyer Make A Will For Someone?
Can An Insurance Lawyer Make A Will For Someone? A will is a crucial document that outlines a person’s wishes for the distribution of their wealth after their death. While it is not a legal requirement to have a current will, it is highly recommended as it can help you avoid legal proceedings and ensure that your assets are distributed according to your wishes. With the increasing demand for estate planning services, many insurance attorneys now offer wills creation services to their clients. But Can An Insurance Lawyer Make A Will For Someone?
Can An Insurance Lawyer Make A Will For Someone?
Can An Insurance Lawyer Make A Will For Someone? The short answer is yes, an insurance attorney can make a will for someone. Insurance attorneys have licensed attorneys who have had the legal training necessary to practice the law. In addition to their experience in insurance law, they often have a broad knowledge of various legal practices, including estate planning and preparation of wills. For example, they are equipped to draw up a will for someone who wants to ensure that their assets are properly distributed after their death.
When choosing an insurance lawyer to prepare your will, it is essential to choose someone knowledgeable, experienced, and trustworthy. Your insurance lawyer should be familiar with the laws in your state governing the making and execution of a will. They must also be able to advise you on the best options for distributing your assets and protecting your rights.
In addition to drafting the will, your insurance attorney should also be able to help you update and revise your will if necessary. As your living circumstances change, you may need to make changes to your will to reflect your current wishes. Your insurance attorney should be able to guide you through this process and make sure your will is kept up to date.
Another benefit of working with an insurance attorney for the drafting of a will is that they can help ensure that your will is legally valid. If your will is not properly executed or does not meet the legal requirements in your state, it could be challenged in court and possibly declared invalid. An insurance attorney can ensure that your will is valid and enforceable and protect your wishes for the distribution of your assets.
Why should you have a will?
- Some people think that only the very wealthy or those with complicated assets need a will. However, there are many good reasons to make a will.
- You can be clear about who can keep your assets. You can decide for yourself who gets what and how much.
- You can keep your assets out of the reach of people you don’t want them from (such as a divorced relative).
- You can decide who should take care of your children. Without a will, the judge decides.
- Your heirs will have faster and easier access to your assets.
- You can plan to save money from your estate on taxes. You can also give gifts and charitable donations, which can offset the estate taxes.
What does a will cover?
A will allows you to determine how your assets, such as bank balances, property, or valuables, should be divided. If you have a business or investments, your will may specify who gets those assets and when.
A will also allow you to send assets to a charity (or charities) of your choosing. Even if you want to leave assets to an institution or organization, a will can ensure that your wishes are carried out.
While it will generally handle most of your assets, some are not covered by your instructions. Those omissions include payments from the testator’s life insurance policy. Since the policy has specific beneficiaries, those individuals will receive the proceeds. The same probably applies to any investment account labeled as a “roll-on-death” account.
There is one important exception: if the beneficiaries of those assets have passed away the testator, the policy or account reverts to the estate and is distributed according to the terms of a will or, failing that, by a probate court, part of the judicial system mainly dealing with wills, inheritance, and related matters.
Most states have community property or co-determination laws that prevent people from disinheriting their spouses. If a will allocates a smaller portion of such assets to the surviving spouse than is stipulated by state law, which is typically between 30% and 50%, a court may void the will.
In addition to arranging your estate, a will spells out your preferences for who should take custody of your minor children after your death.
How much does a will cost?
As mentioned, you can draw up your will yourself for free, but there is a risk that you will make a mistake that can cost your surviving relatives in the long term. If you prefer a guide to make sure you include everything you need, online services such as Legal Zoom or Willmaker by Quicken offer standalone services or packages that include several estate planning documents.
If you prefer to work with an attorney in person, you can expect to pay between $300 and $1,000 for a basic will. This price depends on how complicated your document is and where you are located. Lawyers in smaller towns and cities tend to charge less per hour, with average hourly rates ranging from $100 to $300 per hour.
Conclusion: Can An Insurance Lawyer Make A Will For Someone?
An insurance lawyer can make a will for someone. By choosing an experienced and knowledgeable insurance lawyer, you can be sure that your will is valid, current, and reflects your current wishes. If you require estate planning services, including drafting a will, consider working with an insurance attorney who can provide you with the guidance and support you need to ensure that your estate is properly distributed after your death.
Frequently Asked Questions – Can An Insurance Lawyer Make A Will For Someone
Where to keep a will
A probate court generally needs access to your original will before it can process your estate. Therefore, it is crucial to keep the document in a safe and accessible place. Don’t keep it in a bank vault or anywhere else your family might need a court order to access it. A watertight and fire-resistant safe at home is a good alternative.
Then at least tell your executor where the original will is stored, along with all the necessary information, such as the password for the safe. It is also wise to duplicate the signed copies for the executor and your lawyer if you have one. Signed copies can be used to establish your intentions in case the original is destroyed or lost. However, the lack of an original will can complicate things, and without an original will, there is no guarantee that your estate will turn out as you hoped. So keep the document carefully.
How do you change a will
Your will may never need to be updated. Or you can choose to update it periodically. Remember that the only version of your will that matters is the most current valid version that existed at the time of your death.
A good rule of thumb: check your will every two to three years and at crucial times in your life. Such events can be marriage, divorce, or the birth of a child. For example, your children probably won’t need guardians named in a will after they reach adulthood.
Changing your will is easy. You write a new will to replace the old one or add an addition using an amendment called a codicil. Due to the seriousness of codicils and their ability to change the entire wall, it usually takes two witnesses to sign when a codicil is added, just as they were when the original will was made. However, some states have relaxed the legal rules around codicils and now allow them to be notarized.
Ideally, you want to make changes when you are healthy and well. This limits the chance that your wishes can be successfully challenged and prevents you from making hasty decisions or being under intense emotional pressure.
Can my partner and I share a will?
As a married couple, you can share a will, but many lawyers advise against this. Also known as a joint will, this instrument is a single will signed by both partners. If the first partner dies, the surviving spouse cannot change the will. Instead, most lawyers recommend mutual or mirror wills. The mirror allows each spouse to send assets and assets to the other spouse in case of death. After that, the surviving spouse can amend his will if his circumstances change.
Who can witness my will?
You must be of age and a disinterested party to testify to a will. Disinterested parties are people who are not related to you by blood and cannot inherit anything from your estate. Witnesses usually know you – think friends, colleagues, your legal counsel, or someone you trust.
How often can I change my will?
You can change your will as often as you like, but you should revise it after major life changes, such as a marriage, divorce, or the birth of a new child. If nothing has changed, consider reading it every three years to make sure everything is up to date.