The most basic part of any asset protection plan is a will. What transpires is you initiate a basic will with your attorney and, in the course of your lifetime, your attorney updates it when there are any changes in your personal life (i.e., marriage, divorce, children) or if there are any increases in the value of your estate.

Should you not have a will when you die, then you will be considered as someone who died intestate, meaning that any property of your estate will be divided up according to statutes on intestacy in your state of residence. Every state has a list of what goes to whom when you die, and these are in percentages. If you’re married, a number of states give the entire estate to the spouse. You could check your state statutes to see if this is the case but, in the long run, it’s better if you go and get a will.

Many people are hesitant in getting a will made up because they worry about the cost. This fear is unfounded, since most wills cost no more then a few hundred dollars. It’s important to remember that once a will is drafted, it lasts for your entire lifetime. So the cost is justifiable.

Once you have a will drawn up, you must ensure that you update it whenever there is any change in your status. Should you marry, get divorced, remarry, have children, increase your estates value, or if there are any changes in the current tax laws, then you must change your will accordingly.

There are some who think that a handwritten will (also known as a holographic will) will suffice (in the Guiness Book of World Records, the shortest known handwritten will consisted of three words: “All for Mother.”) Unfortunately, many states do not recognize holographic wills as legal documents. So, if you’d rather not spend the money to have an attorney draft a will for you, it’s recommended that, again, you check and make sure that your state allows holographic wills.

In regards to cutting your spouse out of your will: Some states won’t allow it. Check with your attorney before planning anything so drastic as this. However, should you divorce, change your will immediately in order to prevent your ex-spouse from making claims against your estate. If you are going through a divorce, you may want to check with your attorney to see about changing your will to protect your estate in the very remote chance that you may die before the divorce is finalized.

In summary, everyone should have a will. Having one prevents the state from making the decision as to who gets your estate when you die. Wills are neither expensive nor time consuming to put into effect and, if you haven’t done so already, you should have one drafted as soon as you can.

If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.