Sunday, April 13, 2014

Those Without Million Dollar Estates May Still Need Wills

Even if you don't have a large estate, a will is a good idea if you have minor children, if you want specific items to go to specific relatives, or if you believe there is going to be fight over who will become the administrator. Remember, putting the person's name on the bottom of the item is not recognized in court as a valid transfer. 

Moreover, if you have debt, you may want certain items to be sold first to satisfy those debts. A will can instruct your executor on what to sell first.

If you are a single or divorced person, you can recommend who you want to obtain physical custody of the minor children. However, the court will make the final determination. On the other hand, you can select a responsible person to control assets and income that are for the benefit of your minor children (aka guardian of the property). This selection is rarely overturned by the court.

Attorney McGill does basic wills for single and divorced parent with minor children and those with small estates who live in Georgia  and Maryland