Last Will and Testament 101

We are all busy working, living life, falling in love, making friends, playing, and even enjoying everything life gives. So, it is very easy to put entertaining responsibilities and planning for the future in the backseat. For this reason, most of us don’t have the last will and testament put in place.

What a Will Is?

It is a legal document setting forth all your wishes when it comes to the distribution of properties to your loved ones. Your wishes won’t be carried out if you die without any will. Plus, your heirs will end up spending more emotional energy, money, and time to settle their affairs once you are gone. A last will and testament comes in handy in such a case. It solves issues that arise once you are gone.

How It Works?

Last will and testament direct assets’ deposition, like prized possessions, property, or bank balances. It details who should receive properties and which amount. It also establishes guardian arrangements for all surviving respondents.

If you have investments or businesses, you can specify who should receive them and when. Your will and testament will enable you to direct assets to a charity of your choice.

Forms of Wills

Different forms of wills are legal and valid, and the kind you opt for depends on a few factors, including how complicated or large your estates are. Common types of wills are:

  • Nuncupative wills
  • Holographic wills
  • Deathbed wills
  • Online wills
  • Joint wills
  • Testamentary trust wills
  • Simple wills

Why You Need a Last Will and Testament?

Like most people, you may become complacent, such as having a last will and testament. Unfortunately, if you die without a will, the court will be forced to decide your affairs on your behalf. So, if you don’t know yet, the following are reasons why you must have a will and testament:

1. Determine Who Should Manage Your Estates

When you get to write a will, you definitely become a testator. This gives you a chance to nominate your executor, who is in charge of seeing your wishes carried out. Ensure your executor is capable and trustworthy so they can carry out your wishes.

2. Make Beneficiaries Happy

Apart from nominating an executor, designate a guardian for underage children. The person you choose must collaborate with your executor to handle everything to ensure no disputes or problems related to estate distribution and finances.

3. Facilitate Probate Process

Probate refers to the legal process of establishing the validity of your will. Contrary to what most people believe, probate isn’t always costly or lengthy. The cost and time depend on aspects such as the value and size of the estate.

The Takeaway

A last will and testament gives you the power to decide what will happen to your properties and how you will protect your loved ones when you are gone. With the help of an attorney, you will guarantee that your final wishes are carried out and ensure your family gets the guidance and support they need.