A Last Will and Testament - Guide to Estate Planning
What is a Last Will and Testament?And should I have one?
These are among the many questions you ask yourself, especially as you get a little older,
have a family, worry about your children’s future, have some money in the bank,
a mortgage responsibility, debts, cars, etc.
So, what is a Last Will and who needs one?
It is a written document (remember, see an attorney) where you direct how your assets
are to be distributed at your death.
Each state may differ in accepted formats; don’t try this by yourself at home.
I am not an attorney but I spent many
happy years working for a wonderful attorney who specializes in that area.
Here are some general guidelines you can use to determine your situation.
- Should you become incapacitated and unable to handle
your financial affairs, with or without a Last Will, a court could appoint someone
to take care of you and your property and that someone could be your spouse. The court could also require your spouse
or other appointed person to post a bond.
- If you have a Last Will and Testament, then upon your
death your assets distributed pursuant to the instructions contained in it.Your heirs will probably have to pay
the probate costs and there will be a delay until the assets can be distributed.
- Without a Last Will and Testament, a court and not your
family, will have control at your incapacity and/or death.When you die, a probate court could order your debts paid and your assets
distributed according to state law.
- If you change your mind or if other events occur where
you feel that altering how your assets are to be distributed upon your passing,
the good news is that you can change your Last Will at any time.
- Don’t be afraid to contact an attorney who specializes
in this field and get your questions answered.Most attorneys will provide you with some basic information without charge.
There are three very important parts that every complete estate plan should encompass.The Last Will and Testament, funeral
pre-planning arrangements and a little discussed part of estate planning, leaving
private information for your loved ones, friends and family - your final farewell
communications.