TND West

Disposing of Property in a Will

Death is uncertain and often the first question that arises after the mourning period is the distribution of the person’s personal possessions. A will is a legal document that defines the method through which the personal assets might be distributed. Inability to draft a will results in conflicts between relatives and children as the property would be disposed in accordance to state laws and this is likely to result in the personal possessions being spent in a manner which is not in accordance with the wishes of the deceased person. There are several ways in which a property might be disposed off in a will and the three basic options are listed below.

last wilLeaving Property to an Individual

The will might state that the property is to be disposed off to a specific individual such as wife or child. In case the person has various properties, the will would list the individuals to which each of the specific property would be given.

Creating a Trust

A person can also create a trust whereby the property is managed under the supervision of the trustees in a manner such that income is realized. The income is then distributed according to the will which might state the person to whom the income should be given or a particular charity which should benefit from the receipts. A trust is usually created if the person to whom the property is bequeathed is a minor or is unable to manage the property properly. The trust might be dissolved if the child reaches an appropriate age or when some other condition is satisfied.

Proceeds from Property

The person signing the will can also order for the property to be disposed off and the proceeds used for a specific purpose. They might either be distributed amongst family members or used for financing a project or donated to charity as per the wishes of the person.

Using a Local Attorney

When creating a will, it is best to use a local attorney (most have a website) The attorney should be well versed with the law relating to real estate and estate law. If the services of an expert are not hired then it might result in a creation of will that cannot be executed under the state law. The expert would be able to guide on the validity of will, requirements of witnesses, taxes pertaining to property disposal and whether changes can be made in the foreseeable future to the will.

6 Comments

  1. JP

    If you make money of the property, prepare for tax mess. Get a lawyer or a bank to help maximize the property.

    Reply
  2. Victoria

    Get a lawyer to help you out. It helps. A lot.

    Reply
  3. Gale

    Yeah, speaking of family drama, when my grandma died, my dad inherited all of her estate. His siblings — all 5 of them — ended up suing him. Ridiculous. Stupid drama.

    Reply
  4. Ashlynn

    I created a trust fund for my kids. My bank was very helpful on working that out.

    Reply
  5. Maria

    Do yourself a favor and get your will situated, once you’re out of college and have a large piece of property — like a house or a car. This way, it’s crystal clear WHO should get what. No family fights.

    Reply
  6. Will

    I’m going to get married soon, and I have yet to make a living will. I think I better get on this, just so my husband isn’t’ left out of everything.

    Reply

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