Should You Sign a Last Will And Testament?
Individuals work a lifetime at accumulating assets, personal property and mementos. It only takes a little time to make sure those valued items pass on to your loved ones. If executed correctly, a Last Will and Testament can clearly state your wishes and ensure they are carried out. Here are some of the most common reasons why people take the time to prepare a will:
- You care about your family and loved ones so you do not want to leave them to figure everything out on their own after your death. By planning ahead, you are conveying the message to your loved ones that they are important enough for you to have taken the time to state what your wishes are with respect to your property and assets.
- People may not die in the order you would otherwise have thought, so if a joint account owner passes away before you do, you should have a contingency plan in place.
- You want to include plans for a bequest or gift to a charitable, religious, social or community organization that has played a significant role in your life or the life of a loved one. It is important to take the time to include them in your planning.
- You do not want the State to determine how your assets and property are divided and distributed. The State may divide your property between your spouse and children or other relatives if you don’t leave specific instructions. You would rather make that decision yourself, rather than having the State decide who inherits your property by certain inflexible and impersonal state laws, some of which may violate your personal
wishes.
- You do not want your family to fight over important personal items. It is easier to make a decision and communicate your wishes to your loved ones.
- You do not want a court to determine who is to be your executor and take care of your affairs after your death. Making a decision on who you want to handle your affairs after your death is not difficult and will make the situation so much easier on your family and loved ones.
- A will can be changed. So, if circumstances change you have the ability to make whatever changes you deem appropriate. The changes can be due to personal circumstances, death of children, family members or named executors, changes in your financial situation, tax laws and charitable preferences.
Of course, a Last Will and Testament may not be appropriate in your situation. A Revocable Living Trust, for example, may be necessary to avoid probate or for tax planning purposes. Whatever your situation, seeking the advice of an attorney who can assist you in pre-planning will ensure your wishes will be followed upon your death.
Last Will And Testament
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