Why you should create a will: Real Estate planning

[Holicent]

The sad reality is that many people make the mistake of not creating a will. Unfortunately, this can lead to confusion and dispute after someone has died.

When it comes to estate planning, there are five things you need to know about wills:

In most states, if you don't have a will when you die, your property goes to whoever is listed on your birth certificate — or if there isn't one, then to the state's probate court. Your will can make sure that doesn't happen.

A trust may be preferable for some types of assets because it allows you to pass assets without having to go through probate and without them being subject to taxation or public notice. These types of trusts are often used by married couples who have children together and want to ensure that their assets are distributed according to their wishes.

If you're married but do not have an estate plan in place, your spouse could still inherit everything left behind after paying taxes and funeral costs — even if it's more than what he or she would receive under other plans like 401(k)s or IRAs. A living trust can help ensure that the right amount of money goes where it needs to go at the time it needs to go there.

 

[Suba]

Each country has different rules, especially regarding wills for real estate, a will cannot be made alone so it must be under a notary, in general a real estate will is only made if you have more than one wife, and have many children, and also inheritance to be divided, in large quantities and the location of the real estate spread across several cities. But in a family that adheres to family planning, only one wife and several children, I don't think it's necessary to make a will, because the state has arranged for an equal distribution of children, both boys and girls.