Each adult should possess a basic Last Will and Testament to prevent dying intestate. Moreover, a Will is a priceless gift you give both yourself and your loved ones. To guarantee that your Will works as intended when the time comes to administer your estate, you should work with an experienced estate planning attorney. It helps, however, to learn as much as possible before creating your Will. With that in mind, the attorneys at Legacy Care Law Firm discuss what you need to know about creating your New Hampshire Will.
Why Is It Important to Have a Will?
Understanding why having a Will in place is so important may provide additional encouragement to get your Will started. If you die without a Will (or trust), you leave behind an “intestate” estate. The biggest problem with leaving behind an intestate estate is that you effectively let the State of New Hampshire (or your state of residence) create your estate plan for you. Assets left behind in an intestate estate are distributed to legal heirs of the estate using the New Hampshire intestate succession laws. Those laws determine who gets what after you are gone. The law looks for close relatives first, such as a spouse and/or children when distributing your property. More distant relatives may inherit from your estate if no immediate family members survive you.
Not only do you have zero input regarding who inherits from your estate, but you don’t get to decide what percentage of your estate each heir inherits. For example, you might want one sibling to inherit most of your estate, but by dying intestate, you allowed each sibling to inherit the same share of your estate. Worst of all, precious assets, including family heirlooms, may have to be sold and converted into cash if heirs start squabbling over who gets which assets.
In addition, if you have minor children, your Will allows you to name a Guardian for them. Without a Will, a court will decide who should take care of your children, potentially causing additional stress and uncertainty during an already challenging time. A well-drafted Will can also help minimize conflicts among your surviving loved ones. By clearly outlining your intentions, you decrease the likelihood of disputes and legal battles that can strain family relationships. Finally, having a Will can streamline the probate process. Your Executor, the person responsible for administering your estate, will have clear instructions on how to distribute your assets, making the process faster and less costly.
Creating Your New Hampshire Will
For the first-time Testator (creator of a Will), the prospect of creating a Will can be intimidating. Thinking about your own death is difficult enough without adding to that the need to decide who should receive your “stuff.” To help you get started, consider the following steps involved in creating a New Hampshire Will:
- List Your Debts and Assets. Making a list of your debts and assets ensures that you don’t overlook any important financial details. Include account numbers, locations, passwords, and other identifying information to assist your Executor during the probate process.
- Identify Your Beneficiaries. Take time to think about who should be included as a beneficiary in your Will. While close family members are easy to add, consider other important individuals and entities in your life, such as friends, nieces, nephews, and charitable organizations. You can even designate your family pet as a beneficiary.
- Choose Your Fiduciaries. Every estate plan has at least one fiduciary, typically the Executor of your Will. If you plan to create a trust in the future, you will also need to appoint a Trustee who serves as a fiduciary. Additionally, if you have minor children, the guardian you nominate in your Will is also a fiduciary.
- Consult with an Estate Planning Attorney. It’s crucial not to attempt to create your Will on your own. Doing so increases the likelihood of errors or disputes that can cause irreparable discord among your surviving loved ones and hold up the probate of your estate for months, even years. An experienced estate planning attorney can help you navigate the legal complexities and ensure your Will accurately reflects your wishes.
- Consider Adding a Letter of Instructions. If any decisions in your Will are likely to raise questions or concerns, consider adding a Letter of Instructions. While it is not a legally binding document, this document can provide practical information and guidance that may not be found elsewhere in your estate plan, such as how to handle specific assets or your preferences for certain matters.
Are You Ready to Get Started Creating Your New Hampshire Will?
For more information, please join us for an upcoming FREE seminar. If you are ready to get started creating your New Hampshire Will, contact our estate planning attorneys in our North Andover, Woburn, and Beverly offices at (978) 969-0331. Our Salem and Nashua, New Hampshire office can be reached at (603) 894-4141.
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