If you’re concerned about who will raise your children if you were to die unexpectedly, it is a good idea to create a will. The same is true if you want to retain control over who inherits your North Dakota business or other assets that were accumulated during your lifetime.
What a will allows you to do
A will gives you the power to determine who gets your boat, car or home after you pass on. It can also allow you to decide who will take ownership of a bank account, brokerage account or employer retirement plan. Furthermore, this document gives you the power to name a guardian who can be trusted to raise your minor son or daughter. Finally, you can appoint the person who will oversee the estate and ensure that your instructions are carried out.
You can create a will on your own
It may be possible to create a will by yourself using computer software program in a matter of hours. Alternatively, you may hire an attorney to help you craft a document that meets your needs and conforms to state law.
Don’t forget to review your estate plan
A divorce, the birth of a child or changes to the tax code may have an impact on the overall effectiveness of your estate plan. Therefore, it is important that you review it on a regular basis either on your own or with the help of legal counsel.
Having a valid will may allow your estate to go through probate in less time. It may also reduce the possibility of expensive legal battles that reduce the size of your estate. An estate planning attorney may be able to act as an executor or otherwise represent your estate in court.