If There's A Will, There's A Way with Attorney Jay Kivitz
Feeling overwhelmed by the legal process of setting up a will and understanding how your real estate assets figure into the equation? In this podcast, seasoned agent Cecile and experienced attorney Jay Kivitz talk navigating the maze of wills and real estate assets.
Learn the essential steps to create a will and how it can protect your family's financial future. Discover the power of planning ahead and understand how you can secure your legacy with a will by listening to this podcast or reaching out to Jay at jkivitz@kivitzlaw.com or (215) 549-2525 for advice that is specific to your situation! Read more about this below.
Introduction: What is a Will and Why Should You Set One Up?
A will and testament is a legally binding document that outlines how a person wants their assets and possessions to be distributed after passing on. An estate plan is a set of documents and instructions for managing a person's financial affairs and assets during their life and after death. Asset protection is the practice of protecting assets from creditors and legal claims. Inheritance planning is the practice of designing an estate plan to meet the individual's needs and goals, while also taking into account the potential tax consequences of their decisions.
What is the Age of Majority for Setting Up a Will?
The legal age of majority in the United States is 18 years old. You must be 18 years old or older to create a will or receive payouts from a bequeathment.
When should you set up a will and how often do you need to update it?
You should set up a will when you have assets to your name. You should update your will upon any significant change in your assets or life situation. That includes investments, children coming of age and more.
What Are the Steps Involved in Setting Up a Will?
Setting up a will is an important step in organizing your estate and ensuring your wishes are honored after you pass away. This process can seem intimidating, but it doesn't have to be. Knowing the basics of what's involved in setting up a will can help make the process easier.
The first step in setting up a will is creating a checklist of what needs to be included. This includes deciding who should inherit your assets, naming any guardians for minor children, and selecting an executor to manage the distribution of assets. Once you've created this list, you'll need to reach out to an attorney who specializes in wills and trusts to help ensure that all of your wishes are legally binding. They can also help guide you through the process of signing and notarizing the document so that it's valid in court. With these steps completed, you'll have peace of mind knowing that your wishes are safely documented for when they're needed most.
How Do Your Real Estate Assets Factor into Your Will? Should you split up real estate assets in between beneficiaries?
When it comes to planning for your will, one of the most important considerations is how you want to handle your real estate assets. Whether you are selling your home or passing on assets to siblings, it's important to know how these assets will be handled after you're gone. This includes understanding the executor of wills, who will be responsible for distributing the real estate inheritance, and how liquid assets may factor into the equation. With a little knowledge and preparation, you can ensure that your real estate assets are properly taken care of in your will.
When it comes leaving behind real estate assets, things can often get sticky. Kivitz recommends that selling the house or any real estate assets
If you want to disperse your real estate between beneficiaries, the questions an attorney attorney is going to ask is: do your kids get along and do any of your children live in the house? Typically there’s an answer that one child lives there and the other two. and then I'll say, well, if you leave the house to three children, the other two that aren't living there will probably have a problem with the one that's still there because they're not able to share in the, in the value of the asset.
What Are the Benefits of Setting Up a Will Before Reaching Retirement Age?
Setting up a will before reaching retirement age is essential for long-term asset protection and financial security. A will can help ensure that your assets are distributed according to your wishes and provide peace of mind for you and your family. A well-crafted will can also provide tax savings, protect assets from creditors, and allow for the transfer of wealth between generations. By setting up a will before retirement age, you can ensure that your hard-earned money is protected from creditors, taxes, and other potential losses. Additionally, it can help you plan for the future by ensuring that your assets are distributed according to your wishes after you pass away.
