I want to create a will to specify all my assets to go to certain people (family member, future wife/kids). I am single now and will be getting marry and have kids in a few year.
is this possible? thank
2 Answers from Attorneys
Absolutely this is possible, though certain laws need to be followed concerning dispositions, generally you can specify exactly where your assets end up in estate planning. It is always better to have a will in place earlier rather than later and you can always amend the will once your family changes (i.e marriage).
Yes. It is possible in most cases. However, as the previous attorney mentioned, you should plan for change in your plan, and reevaluate your plan at every major life change (marriage, birth of a child, illness, etc.)
You can put almost anything in your estate plan. The test is when you die, retire, or become incapacitated. Probably no attorney can guarantee that your plan will go 100% smooth.
We are unable to predict everything that will occur in your life and changes in the law.
Even if your life doesn't change, you should have your plan reevaluated at least every seven years. People have the intent to pass assets to certain people or entities. They are thwarted more by taxing agencies than other people that want or desire the assets. Tax laws seem to change at least every seven years. Therefore, have your plan reevaluated at least every seven years. That way you can find out if there are new tax implications.