People thought that making the last will is expensive and will take so much of your time. But it is not time-consuming, inexpensive, and easy nowadays.
Some may assume that only wealthy people and the elderly owning a lot of assets should draft a last will. They think that these people only need this kind of legal document to make sure their families won’t fight each other just because of the testator’s assets and properties.
But anyone who has assets to protect, whether big or small, must draft a last will. This document is especially necessary if you have an estate plan. It is never too early to make one. So, before it’s too late, make sure to speak with an estate planning attorney to help you decide if you need a last will or other types of documents that will protect your assets. And again, there is no such thing as age or a specific amount of money when creating your will.
As much as possible, people of legal age and of sound mind should consider making a will not just for the security of all their assets but for the future of their loved ones as well. This document will serve as your voice when you’re no longer there to say your decisions.
A Last Will is an essential legal document for you to take care of all your possessions and hard-earned money. As a “testator” or the person who makes the will, you can decide who will be your beneficiaries and which of your estate they will receive.
You can give your properties to your loved ones and you can also name a trusted guardian for your minor children. You can give donations to your preferred charity as well.
But if a deceased person failed to secure a last will and testament, that person will be intestate and the court will distribute all of their properties depending on each state’s law.
This will be the beginning of stress and dispute among family members who are left behind by the deceased person.
What Is The Information Needed For Writing Last Wills?
Though it is easy to write a will nowadays as there are already online will forms available. You should also be sure about the detailed and updated information that you should include in your will. That information includes:
- Your assets
Your assets include everything that you are going to leave behind when you pass away. It includes your bank account balances, investments, real estate, life insurance policies, retirement plans, artwork, pieces of jewelry, and the like.
- Your debts
It is also important to be transparent when it comes to your debts because, in the event of your passing, your estate will cover all your debts or payables. All your possessions will probably pay for your probate expenses and for your funeral expenses too. After that, there are still outstanding debts to settle.
- Your beneficiaries
Your beneficiaries are the people, groups, or charities that will receive all the properties you leave behind when you die.
- The executor of your estate
The Executor should be responsible enough to distribute all your assets and manage all your accounts in the event of your passing. You will be the one to appoint your executor and you can also have a backup executor if they will not be able to perform their duties.
- Your children’s legal guardian
It’s also important to make sure that you have a trusted guardian for your minor kids in your will. The legal guardian that you will appoint will be responsible for the welfare of your minor kids and their inheritance until they are already of age.
Who Should Be The Beneficiaries Of Your Will?
For most people, deciding who your beneficiaries will be is a no-brainer. But there are some instances in that people find it difficult to name such beneficiaries.
Should you entrust and leave your properties to your spouse? Or maybe to your children? How about for your other family members or a charity organization that you favor?
There are some things to consider when it comes to choosing who your beneficiaries will be. Before you start creating your will and testament you should know that there will be a lot of things to consider such as:
Who Should You Give Your Assets To When You Pass Away?
Your spouse and/or your children will be on your mind when you start making your will. But technically speaking, you can decide which beneficiary you prefer. But the majority of testators have their spouses and children as their beneficiaries.
Who Should Be Your Primary Beneficiary – Spouse Or Child?
Oftentimes, people choose their spouse as their main beneficiary and their child/children as secondary. But, you should keep in mind that the age of your children really matters on this one.
For instance, if you have young children, you should also be ready when your spouse passes away accidentally or may be unable to manage the assets that you will give.
In an event that your young kids became the primary beneficiary of your will, you should have a set-up for their protection.
Should You Leave Your Assets To Your Children Or To Their Appointed Guardians?
Appointing your most trusted person to act as your children’s legal guardian is one of the best decisions you can ever make. Especially if you really want to protect them from the things that might happen in the time that you are not here anymore or you cannot decide for them anymore.
The legal guardian of your children will be responsible for their education, medical, and housing when you die. You can leave your properties to your children instead of their guardian so that you can be sure that the inheritance that you will leave behind will solely be used by your kids only and not for the legal guardian’s personal interests.
You can also create a Trust for your kids that would hold your assets for them until the minor beneficiary will be of age.
Other Frequently Asked Questions:
- What will happen if a person dies without making a last will?
When a person passes away without a will, all of their assets will be distributed by the court in a process. It will not be divided by the deceased person’s wishes.
- What happens if someone who already made a last will dies?
This is a good thing since all the properties and possessions of the deceased person will be distributed according to their wishes and the state’s law.
- Does a person need a specific amount of money or property to make a last will?
No, a person can make a last will for up to 10 million dollar assets. Please do remember that the distribution of properties can still have tax implications.
- What is the difference between a living and a Last Will?
A Living Will has nothing to do about the testator’s death, but it concerns the testator’s medical or health care instructions and even the termination of their life support.
On the other hand, a last will and testament are actually leaving all your assets to those people that you love upon your demise.
- What are the primary benefits of a living trust and a Last Will? The primary benefit of a living trust is that the transfer of assets will not undergo a process called probate which consumes a lot of time. The family of the deceased can save a lot of time and money with a living trust. Meanwhile, the last will is very simple as anyone can write a will but when the last will undergoes probate the family should wait months and years for the court’s approval.
Understand Last Wills With Weiner Law
Last Wills and testament are important not only for the “testator” but most of all – for the deceased person’s loved ones.
The legacy of the “testator” and all of their hard-earned money will be given to the right people if the will that was made is legally valid. It’s very stressful to know that all your possessions can possibly be given to the people that you do not prefer.
That is why it’s very important to create a last will and testament as early as possible. It may be easy for some people to make their last will but it’s always better to seek legal advice.
That is why it is necessary for “testators” to find qualified and skilled will lawyers. Weiner Law in San Diego, California, offers a team of professionals that are capable of evaluating all potential problems.
They are also trained to guard your assets as well as your beneficiaries. They are deeply knowledgeable when it comes to making legally valid wills.
They can also make the process a lot easier and faster for the bereaved family. There’s no need for your loved ones to testify about witnessing your will as this team of professionals can prepare self-proving wills for you.