An Estate Planning Cornerstone
A last will and testament, commonly known as a will, is a legal document that oftentimes is the cornerstone of your estate plan. A will gives you the opportunity to share in a clear and legally binding way exactly how you’d like your assets and belongings to be distributed after you have passed away.
There are several purposes to a will; of course, ensuring that your wishes are carried out exactly as you’d dictated is of the utmost importance. Seeing that your loved ones are properly provided for and that any potential disagreements are headed off at the pass are also important reasons for creating a will.
Just like life and circumstances can change, so too can your unique wishes and plans. As such, you may find there are times during which an update of an existing will is called for (e.g., a child is born, a marriage begins or ends, a falling out occurs), and for these and other key reasons, deciding to have a customized will that’s been put together by top estate planning attorneys is one of the best decisions you can make for yourself and for those who care about you.
A last will and testament gives you the power to do several things, including these:
- Distribute Your Assets: You can be very specific about how your assets, including but not limited to real estate, investments, bank accounts and personal belongings, should be distributed upon your death.
- Appoint an Executor: In your will, you will be able to name an executor, the person who will have important responsibilities such as managing your estate, seeing that your wishes are carried out and coordinating various administrative tasks needed to settle your estate.
- Think About Taxes: Tax laws and estate tax laws in particular can seem complicated. The right estate planning attorneys can provide expertise on minimizing tax liabilities and maximizing efficiency within your estate plan.
- Determine Guardianship: If you are a parent with minor children, it is of the utmost importance that you create a will with clear instructions as to who will care and take responsibility for the child(ren) in the event that the parents are deceased.
- Settle Finances: You can use your will to spell out how you will pay off debts (e.g., a mortgage or other loan) through your estate.
- Share Funeral Arrangements: For many people, it is important to include in the will clear wishes and instructions on burial, funeral and/or cremation arrangements.
We’re Standing By
A last will and testament is truly a fundamental piece of your estate planning package. Your legacy—financial personal and otherwise—should and can last forever, and your pre-planning can go a long way in making sure that is exactly what happens.
There is little else that gives more peace of mind than knowing that your affairs are updated and in order. Working with a legal team that offers guidance and expertise in estate planning and specifically in helping you put together your last will and testament, is a way of communicating your thoughtfulness, your good planning and your desire to leave the world with clarity and without regret.