A will or trust contains instructions to distribute an inheritance. In its simplest form, a will determines the benefactor, what property will be inherited, and a trustee that will ensure assets are distributed per the will, among other responsibilities. A will must be verified with two disinterested witnesses and sometimes notarized, depending on state law. Mestayer & Associates will write your will and systematically file through your assets to ensure that all possible properties have instructions for dissemination.
Aside from deciding where assets will be distributed, a will must establish other crucial information. Generally, all assets are not bequeathed to the same person, and some recipients may be minors, which will require additional terms to be outlined. Spouses and ex-spouses can also convolute the terms of the will. In probate, current spouses are generally favored. An executor, who oversees the will’s implementation, must also be established in addition to two disinterested witnesses. Additionally, benefactors often try to include information that should not be established in a will including funeral arrangements, inheritance conditions, or arranged care for a loved one. Often, such terms are better for the creation of a trust or simply are legally unenforceable. Mestayer & Associates has extensive experience in estate planning and taxation law.
Families are often disappointed when a self-made will fails to meet state standards or distinguish crucial information. Online or self-created wills often fail to meet state-specific criteria or inquire about pertinent information. Knowledge of tax law, taxable assets, and property that is not inherited through a will are essential and cannot be obtained through a program. Mestayer & Associates possesses an additional degree in taxation law and will guide you through the estate planning process. Call us today to schedule an appointment.
Most clients are not familiar with the differences between estate and inheritance tax laws, and both must be considered when writing a will. Inheritance tax is calculated separately for each beneficiary and, depending on the relationship with the benefactor, the tax may be excluded. Estate taxes are paid based on the total value of all assets. Mestayer & Associates understands all plausible tax exemptions to investigate.
Guiding you through all possible routes to reduce estate taxes and avoid probate are a few of the ways Mestayer goes above and beyond during the estate planning process. Joint property ownership, death beneficiaries, revocable trusts, and gifts are a few of many available options to ensure the maximum amount of your estate is passed to its intended beneficiaries. Mestayer & Associates has more than 20 years of experience planning estates and helping families protect their assets and financial stability. Contact us today to begin preparing your will and your estate.