If you pass away without will in place, your property will be distributed according to Nebraska statutes rather than according to your wishes. For many people, a basic will is enough to ensure your wishes dictate who receives your property. Others may need a more complex estate plan. Attorney Bradley Supernaw can walk you through the process and help you determine the best approach for your needs.
A proper estate plan also includes planning for a time when you may not be able to take care of your property or make health care decisions for yourself. This can be accomplished through a durable power of attorney, a durable power of attorney for health care, and a living will.
A living trust is another useful tool for estate planning. A living trust helps simplify the process of distributing you assets when you pass. When done properly, a living trust can help your heirs avoid the time and expense of the probate process.
Certain estate planning services may be available for a flat fee. To learn more, contact us.
A proper estate plan also includes planning for a time when you may not be able to take care of your property or make health care decisions for yourself. This can be accomplished through a durable power of attorney, a durable power of attorney for health care, and a living will.
A living trust is another useful tool for estate planning. A living trust helps simplify the process of distributing you assets when you pass. When done properly, a living trust can help your heirs avoid the time and expense of the probate process.
Certain estate planning services may be available for a flat fee. To learn more, contact us.
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This file contains important information for a simple estate plan as well as definitions of some basic terms.
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The Basic Will Questionnaire can help you begin to think about how you want your belongings distributed after your passing and helps your attorney determine the best way to accomplish your goals.
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What is an estate plan?
A basic estate plan consists of:
• A will
• A durable power of attorney
• A durable power of attorney for health care
• A living will, sometimes known as an advanced directive.
• A will
• A durable power of attorney
• A durable power of attorney for health care
• A living will, sometimes known as an advanced directive.
Do I need a will?
Any adult who owns property or has minor children should have a will.
Think about some famous people who did not have a will. Prince passed away in April 2016 without a will or estate plan. As of April 2019, three years later, there are still issues with dividing his assets. His potential heirs have spent millions on attorneys’ fees. Prince may be an unusual situation because of the size of his estate, but any size estate can be the cause of bad feelings and arguments between potential beneficiaries.
For parents with minor children, the guardianship of the children can be another source of conflict between surviving family.
A will helps reduce or eliminate the bickering among survivors by making your wishes known.
Think about some famous people who did not have a will. Prince passed away in April 2016 without a will or estate plan. As of April 2019, three years later, there are still issues with dividing his assets. His potential heirs have spent millions on attorneys’ fees. Prince may be an unusual situation because of the size of his estate, but any size estate can be the cause of bad feelings and arguments between potential beneficiaries.
For parents with minor children, the guardianship of the children can be another source of conflict between surviving family.
A will helps reduce or eliminate the bickering among survivors by making your wishes known.
What happens if I don’t have a will?
Without a will, your assets pass according to statute. This is called “intestate succession”. In Nebraska, that could mean that your assets pass to your spouse and children and possibly to your parents. A will ensures the people you want to inherit your property do so.
What is a will?
A will is a legal declaration of your intentions and may be revised or revoked at any time as long as you are competent.
Who can make a will?
Anyone who is eighteen years or older and who has testamentary capacity may make a will. Testamentary capacity basically means you know the nature and extent of your property, who would inherit your property if you did not have a will, how you are disposing of your property, and the legal effects of signing the will. The will must be in writing and signed by the person making the will along with two witnesses who are not beneficiaries of the will.
All of my property passes to my spouse outside my estate. Do I still need a will?
Many married couples own property jointly with a right to survivorship. Usually, this includes the couple’s home and bank accounts. This property passes to the surviving spouse automatically without the need for probate and regardless of what the will says. Other property, such as life insurance, will pass to a named beneficiary automatically as well.
Even if all of your property is owned jointly, you should still have a will naming a contingent beneficiary in case your spouse predeceases you, or to make sure any property that is not jointly owned goes to the person you want to receive it.
For those with minor children, a will can also indicate who you want to be the guardian of your children upon your passing.
Even if all of your property is owned jointly, you should still have a will naming a contingent beneficiary in case your spouse predeceases you, or to make sure any property that is not jointly owned goes to the person you want to receive it.
For those with minor children, a will can also indicate who you want to be the guardian of your children upon your passing.
How often should I review my estate plan?
It is a good idea to review your estate plan periodically, such as once a year, to make sure it still represents how you want your estate handled. You should also review your estate plan after a major life event, including the birth of a child, a divorce, the death of a spouse or beneficiary, or the purchase or sale of a home.