Estate Planning and Wills

Distribution of Wealth After Death

There are three ways to distribute estates after you or a loved one passes away.

Disinheritance

What happens if a person wishes to leave nothing to one of their heirs, e.g., one of their three sons? Many states' laws assume, in the absence of naming the son in the will, that the son was forgotten.

Different Types of Trusts

Revocable Living Trust: One of the most simple and popular trusts is the revocable living trust. The idea behind this type of trust is that you may wish to transfer your property to yourself, or to another highly qualified and trusted person, while you retain all of the rights of ownership during your lifetime.

Creating a Will

If you are of sound mind, or legally competent, and over 18, you can make a binding will. However, you must follow certain form requirements to have your will declared valid. An attorney in your state will have the most knowledge of the specific laws and statutes in your state. Contact member services to be paired with an attorney.

Changing Your Will

There are very strict requirements on creating wills in most states. As you might expect, there are also very strict rules governing changes made to wills. It is important to understand that if you make a change of any kind to a will, even one tiny pen mark, you must comply with the requirements of your state's laws.

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