Can a person draw a will on a property he does not own?

Can a person draw a will on a property he does not own?

Profile photo for Madison
Madison
Assistant at Parklin Law

A person can draft a will regarding a property that he does not own. While making a will for a property, there are certain factors to be considered such as if the person is the sole owner of the property or joint owner. If the property is owned by more than one person, then it is crucial to make a will if any of the owners wish to pass his share on to anyone else.

In order to make a will, it is mandatory to have an idea about the assets which one wishes to distribute. There are certain assets that cannot be passed on through a will and for such assets, one needs to plan accordingly. The assets which cannot be distributed through a will include retirement plans and insurance policies.

The process of drafting a will involves getting professional help so that all legal formalities can be taken care of.

"Drawing a will" is just another way of saying "making out a will." A will is a document that explains how you want your possessions to be distributed after your death. Although you can certainly draw up a will on something you legally own (like your car or house), it's very common to draw up a will on anything else you might have, such as your pet or favorite book. In fact, the law doesn't even apply any restrictions on what the beneficiary of this sort of "intangible estate" could be.

If you have any questions or in need a Will Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

Home
Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Planning Trusts & Probate Prenuptial Agreements Featured Post Wills And Estate Planning Attorney Near Me No matter how much money you have it is important to have a basic….. Read More
https://www.parklinlaw.com/
Parklin Law
Estate Planning Attorney in West Jordan
https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Delta, UT 84624, USA

Popular posts from this blog

Personal Liability of an LLC

Can the Owner of a Limited Liability Company Be Penalized? As a business owner, you must understand the potential risks and liabilities you may face. If you own a limited liability company (LLC), you may be wondering whether you can be personally penalized for the actions of your business. Here's what you need to know about the potential for personal penalties as an LLC owner. The Benefits of an LLC An LLC is a business structure combining elements of a corporation and a partnership. One of the main benefits of an LLC is that it offers personal liability protection for its owners, known as members. This means that, in most cases, the member's personal assets are protected from any legal action taken against the LLC. However, it's important to understand that this liability protection is not absolute. There are certain situations in which an LLC owner may be personally liable for the actions of the business. Personal Liability for LLC Owners There are several circumstances i...
Read more

Does an executor of the estate have an expiration?

Image
Does an executor of the estate have an expiration? Madison Assistant at  Parklin Law An executor does not have an expiration date. An executor has a job to do and he or she is the only person who can do it. The executor is in charge of settling the estate and making sure all debts are paid; paying any taxes on the estate and distributing the remainder according to your will. The executor may need help to carry out this work, but he or she is still in charge of everything. Just like the laws of inheritance can be complex and confusing, they also have plenty of exceptions. One interesting exception is that an executor or administrator's role doesn't expire after a certain period of time. Although there are no set rules on how long you need to be the executor of someone's estate, you don't have to worry about it expiring. If you're named as an executor, your job is to handle the estate until it's closed, which means paying debts, distributing assets, and filling ou...
Read more

Can my attorney be the executor of my will?

Image
Can my attorney be the executor of my will? Madison Assistant at  Parklin Law Many people ask whether the attorney who helps them create their will can also be the executor of that will. The quick answer is yes. However, there are some things to consider. In a perfect world, your attorney would be both your estate planning advocate and your executor. But in the real world, it's often hard to find an attorney who is willing and able to take on both roles. Not all attorneys are equipped with the skill set required to handle the many aspects of an estate plan. If you need help with complicated tax planning or asset protection strategies, then you'll want an attorney with expertise in those areas. You may also need help from a specialist estate planning attorney if your assets are large enough that you're subject to complex transfer tax laws. Finally, if you have a complicated family situation like a second marriage or blended family, it may be necessary to bring in legal couns...
Read more