Personal Property
6 min read
Heirs vs. Beneficiaries: Who Inherits a Loved One's Estate?
The distinction between an heir and a beneficiary is particularly important because they may receive estate assets in different ways.
Personal Property
Complete Your Will Questionnaire Now
Get the legal advice you need without the hourly legal fees
One of the greatest benefits of a LegalShield policy is the Will package. The process of obtaining your Will begins with completing the LegalShield Will Questionnaire. You can complete the Will Questionnaire via the LegalShield app, which you can download from the iTunes or Android store. You may also obtain a Will Questionnaire by calling LegalShield, your provider law firm or logging into the member’s only portal.
The LegalShield provider law firm uses the information you provide to develop an estate plan that meets your specific needs. The following tips are designed to help answer some common questions about the questionnaire.
- Answer every question listed. If the question does not apply to you, mark it as N/A (not applicable). This will indicate to the lawyer that you read and acknowledged the question.
- If you have a property settlement agreement from a previous marriage, please send a duplicate copy of the agreement to your provider firm with your completed Will Questionnaire. Providing the attorney with a copy of the settlement agreement will help them draft a Will that meets your needs.
- Before naming a guardian and an alternate guardian talk to them and make sure they are willing to serve. It's important that anyone you select be willing and able to accept the responsibility.
- Your trustee does not need to be the same individual as your guardian. The trustee manages the property. Make sure the individual you select understands your wishes and agrees to serve. If you have substantial assets you may wish to name a corporate trustee, such as a bank or trust company. A corporate trustee is paid for their service so it's important to understand the fees and regulations before selecting a company.
- Question 15 allows you to indicate how you would like your assets to pass upon your death. Options A and B provide for common distributions for married and unmarried individuals respectively. Option C allows you to write out your wishes if A and B do not meet your needs. If you need more space to complete this or any other question, submit the additional information to your provider firm via email, fax or mail.
- You do not need to list specific account numbers or your Social Security number on the Will Questionnaire. The amounts requested in section 20 may be reasonable estimates. If these amounts change drastically, contact your provider law firm and speak with a lawyer.
- Do not hesitate to ask questions. If you have questions about a specific portion of the questionnaire or general estate planning questions, it's important that you speak with a lawyer. If you have any questions or need any additional clarification, call your LegalShield provider law firm today.
Get the Answers You Need, When You Need Them
Related articles
Personal Property
6 min read
What Is a Postnuptial Agreement, and How Does It Work?
For many spouses, a postnup is simply about preventing confusion and making shared decisions before money questions get harder to discuss.
Personal Property
6 min read
What Are House Deeds, and How Do I Get Mine?
You might need your deed when you’re selling your home, adding a spouse to the deed, checking ownership, or trying to settle estate questions.
Personal Property
5 min read
Per Stirpes vs. Per Capita: Choosing how your estate gets distributed
The difference between "per stirpes" and "per capita" can be confusing. They sound alike and both have to do with who inherits your assets if a named beneficiary dies. We'll explain the difference.
Personal Property
6 min read
How to Sign as a Power of Attorney Agent to Represent a Loved One
Signing as a POA Agent is more than just jotting down your signature. Banks, title companies, healthcare providers, and similar entities might reject documents if the signature doesn’t clearly show that you’re signing for the other person.
Personal Property
5 min read
How to Avoid Probate With Thoughtful Estate Planning
Probate can take time, add costs, and create extra work for loved ones during an already difficult time. That’s why people often want to know how to avoid it.
