More Information on Wills
• If you have a surviving spouse, he or she has a right under most circumstances to inherit a part of your property, even if you don’t name them in the Will.
• If you own property jointly with someone else, upon your death, the property will automatically revert to the other joint holder; irrespective of what you might say in your Will.
• Wills are not irrevocable; they may be changed, amended or modified by the testator (you) at any time deemed necessary.
- Also Read: Splitting Federal Retirement Benefits After Divorce—Here’s What You Need to Know
- Also Read: Early Retirement for Federal Employees: The Must-Do List Before You Hand In That Notice
- Also Read: What Does the Federal Retirement Process Look Like?
• You might want to create a trust if you have minor children that will inherit your estate. The law prohibits minors from inheriting directly from you. Therefore, you must appoint a trustee to handle their affairs until they reach the age of maturity. You may specify the age at which the child can receive his or her inheritance.
• If you choose an executor: Make sure that this person is willing and capable of handling your estate. You may select a friend, a family member or anyone of your choosing. However, depending on the size of your estate, you might want to choose someone who has the financial and legal acumen to properly handle your estate and in accordance with the rules, laws and regulations of the state where you lived. Sometimes in such cases, you might want to pair a family member or friend with an estate attorney or other professionally trained individual to handle such situations.
• As a Federal Employee, your benefits taken into retirement or otherwise are not bound by your Will. The Federal Government structured itself in such cases to distribute your assets by an established Order of Precedence. The government does not think it prudent to have your assets that are often needed by your family to carry out the final business of your life, tied up in probate for lengthy periods of time.
Every estate, whether small, medium or large, wants to avoid long drawn out probate when possible. The person or persons named as your executors or administrators must appear before a court and:
• Catalog all of your property with full identification.
• Have the property appraised for its value and pay any outstanding debts and taxes.
• Verify that your Wills is a legal and valid document.
• Follow your instructions in the distribution of your property and assets to your heirs.
Again, probate can be costly and time consuming. Remember when choosing an Estate Attorney, it is suggested that you choose one that has at least 10 years of experience in estate planning and that he or she is licensed to practice law in your state of legal residence. By the same token if you need the services of a Financial Advisor choose an advisor that is an expert in federal employee retirement benefits.
P. S. Always Remember to Share What You Know.
