What is a Will and what is it for?
It’s surprising to know that many people don’t know what a will is, and how it works. But there’s also a general knowledge of the will’s importance: everyone understands that they should have a will.
So what is it, and what is it for? The primary reason people need a will is to make sure their loved ones receive the assets they wish to leave them. This, of course, happens in the event of the owner’s (will owner) death. A will is also called a “last will and testament”.
Death is inevitable—but we can at least try to prepare for the worst. A will protects both your loved ones and your properties.
What Is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property. It also sets forth the care of any minor children. It is best to have a will set in writing and signed by you and your witnesses to maximize the likelihood that your wishes are carried out even when you are gone.
More importantly, if the will does not meet the basic standards, the instructions carried within may not be carried out.
For people with minor children, the will helps them secure their future in case of a tragic event such as the death of the parents. It gives you control over who provides for their care. This way, you can leave them in the hands of relatives, friends, or guardians that you can trust.
In terms of properties, the will also lets you decide how you will distribute your belongings, including cars, family heirlooms, savings, and other personal possessions. If you own a business, or you have investments and insurance, your will can ensure the smooth transition of those assets.
Having a will has a few other benefits, some of which may not be readily apparent.
For example, creating a will can minimize tension among surviving members of the family, because they won’t have to fight over who gets which properties. You can prevent them from battling over your possessions.
Lastly, you can use your will to direct some of your assets to the charity of your choice. Properties may be given to institutions and organizations.
What Value Does Having A Will Provide?
A will is created to name an executor—someone who is tasked with carrying out your wishes after you die. It’s an unpleasant thought for sure, but you have to name someone to carry out your bidding. You can use the will to name guardians for children and their properties. Establishing a will or a living will is part of good estate planning.
You can use it to protect and provide for your pets. You can decide how debts and taxes will be paid. It can even serve as a backup to a living trust.
A will is not able to leave properties for your pet, nor can you use it to put conditions on your gifts. Talk to your lawyer if you want to arrange these specific things or if you want to know more about the limitations of a will.
Work with Gudeman & Associates Attorneys today and craft a will that suits your needs. It’s never too early to think about the future.
