Last Wills and Testaments are the most common type of estate planning. They are a way to plan for the future and ensure your assets are distributed according to your wishes. It is a legal document that allows you to specify who will inherit your property when you die. It also states how you want your assets distributed and any additional instructions you wish to be included in your estate plan, such as burial arrangements.
If you don’t have a Last Will, state law determines how your property is distributed upon death. If there’s no Will in place, the intestate succession laws determine who gets what. This may not be what you want, so it’s critical to have a valid last will prepared by an experienced Estate Planning attorney in advance.
What does a Last Will & testament do?
- Last Wills & Testaments give you control over how your assets are distributed after death, which can prevent future problems or disputes among family members. It lets you choose who receives what possessions, including real estate or personal property such as car, jewelry, or furniture. You can also decide who should care for minor children if both parents die together in an accident — or even designate guardians for adult children who need help taking care of themselves.
- Even though these documents seem straightforward, there are some important things to keep in mind when creating them. You should make sure that your Will is accurate, complete, and up-to-date with any changes in your life — such as a marriage or divorce — because it can be difficult to change a legal document once it’s signed.
- The purpose of a Will is to transfer property after death. A Will also name an executor and/or beneficiaries, who will be responsible for carrying out the terms of the Last Will.
The person who executes a Will is known as the testator or testatrix. The person who drafts a Will is known as an attorney-in-fact. Wills are often reviewed by attorneys before they are executed, but in many cases, it may be possible for even non-attorneys to execute a valid Will.
Executors are responsible for gathering all assets and liabilities, paying creditors, and distributing remaining assets to beneficiaries. It is also the Executor’s responsibility to file the deceased’s final tax return.
- The Last Will can also be used to set up trusts for minor children (and sometimes adult children) if you die before they reach the age of 18 or 21 depending on state law. This can help prevent guardianship battles between parents and other relatives who might want to assume control over a child’s finances instead of allowing them to use them for their needs.
- The Will can also be used as a way to disinherit someone you don’t want anything to do with. This can be accomplished simply by not including them in the Will or by stating “I disinherit anyone not named here.”
Last Wills and Testaments are a crucial component of Estate Planning. However, utilizing these documents to create a valid and legal estate plan can be a daunting task, depending upon the size and complexity of your estate. By carefully considering all your options, you can create an Estate Plan that protects your loved ones, as well as yourself.
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