Wills

A Will doesn’t avoid probate, but it does outline the distribution of your personal property and name the guardians for your minor children.

Your last will and testament is a legal document that allows for the distribution of your assets according to your wishes, in a process known as probate. Probate is a complicated legal process where a court verifies the validity of the will before any of the assets can be distributed to the beneficiaries.

Having a will is a great first step in estate planning for many people. However, avoiding probate is one of the major reasons people hire an estate planning attorney for a more comprehensive estate plan.

If you’re looking for a free estate plan, download our Handwritten Will Template with an easy, fill-in-the-blanks will.

How Does a Last Will and Testament Work?

A Last Will and Testament has three main purposes:

1. Defines How to Distribute Your Assets

A last will and testament articulates how to distribute any assets and personal property not held in a trust. Many people have collectibles, family heirlooms, weapons, and other valuables they would like to distribute to their heirs. Without a will, the court may control the distribution or can order the sale of those items for distribution of the funds to heirs.

2. Names a Guardian for Minor Children

A will also names guardianship over your minor children in the event of an untimely death. Without a will, the court decides the guardianship over your children, determining how they will be taken care of and who will take care of them. To avoid a potentially devastating situation, parents should designate someone they know and trust to take care of their children.

See also: What is Guardianship and Conservatorship?

3. Appoints a Personal Representative

A key component of a will is the election of a personal representative (your executor). The sole job of the personal representative is to follow your wishes through the administration of the will. Without a will, the court names a representative for you. It is a common misconception that items distributed according to a last will and testament avoid probate. In fact, the will must be admitted to probate for court-supervised administration according to the terms of the will.

After any life-changing event, you should update your will to reflect your wishes accordingly.

See also: Common Questions and Misconceptions About Probate

What is a Living Will?

The “living will” instructs the person designated in your health care power of attorney. Generally, through the living will, you will make decisions about your care if you are in a persistent vegetative state or if there is no likelihood of recovery. Many people fear living in a state where there is a limited quality of life or limited to no mental activity. For some, the toll of medical care at that point is excessive and they would rather not sustain existence. Alternatively, some people would prefer to receive all medical care necessary to sustain life.

Each of these options is available through the living will. Through planning, you have the opportunity to choose whichever option you prefer. If there is no living will in place, your family will have to rely on a designated priority list created through state law to determine which person makes these vital health care decisions.

Is a Living Will Necessary? Why Make Final Directives?

So many people discuss end-of-life scenarios but never make concrete plans for unexpected events. A living will is necessary to address those events because your loved ones will be going through an incredibly difficult time. Putting in writing in advance what you would like done helps make every decision as easy as possible, and nobody has to carry the weight of making decisions for you without your input. It is difficult to deal with a crisis, and the potential exists for a fight over whether or not to provide life-sustaining treatment. We seek to provide solutions for potential problems before they occur so that those leaving a legacy can do so in peace.

See also: Why You Need both a Will and a Trust

Let’s Put Your Wishes on Paper

Contact us today to schedule your free one-hour meeting with an attorney to assess your estate planning needs.

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