A last will and trust is an extremely important document because it allows someone to express his/her wishes as to how their property is to be distributed at the time of death. Many people will fail to execute a will, leaving their estate in the hands of a probate court or government. You worked long and hard to get your personal possession, so why leave the decision to a probate judge or government official. Instead protect your estate, with a last will and testament.
Below, you will discover the reasons why make a will, while you are of sound mind and body.
Who Deserves Your Estate
When you get ill or become elderly, you may discover that some of your friends and family members will forget that you exist. This is truly said, but a fact. These people should be there to assist you through with household chores, running errands and transporting you to the physician’s office. If they do not stand by you, then they do not deserve your estate after you are deceased. Well, with a will you will be able to acknowledge the executor in writing. However, you will need to complete the will, while you are fully capable of doing it. The probate court could deem the document void if it determined that you were not of sound mind, when it was written.
Naming A Guardian
It can never be too soon to write a will. In fact, many young people die way before their time, which is why it is crucial to get prepared in advance. If you have children, you will want the say so of who will care for them, when you die. Believe it or not, a will is the only document that can be utilized to nominate a guardian. Most people will choose another family member, best friend or Godparents for this duty. No matter whom you appoint to care for your children, you will need to document it in writing.
If you fail to write a will before you die your children may end up in child services. This is something that you want to avoid for your children’s sake. Take the time to appoint a guardian, because your children deserve to have a guardian that loves them, just like you do.
Specified Transfers
Before actually sitting down to write the will, you should calculate all of your monetary assets and personal possessions, along with stock and real property. It is crucial to be very thorough, when writing the will, being sure to not omit any asset that you want to give to someone. Remember, you do not have to give all of the assets to a single person. Instead, you can distribute them accordingly. The assets that can be given away in a will are called “specified transfers”.
Specified transfers include cash, stock, personal possessions and real property, such as buildings and land. However, if the real property was a gift to a company or trust, it will not qualify under this category.
Appointing A Property Manager
If you have a real property that you want to leave for the children, you will need to appoint a property manager. This individual will be responsible for caring for the property after you die and until the children become an adult. You cannot just let the property go unmaintained or unsupervised because it will deteriorate and be worthless. You will be able to appoint the property manager in your will.
You can also leave special instructions on how you want the property managed. This is a very common request because the testator will most likely want to continue to same practices, even after they die. By documenting it in the will, the property manager will know exactly how to manage and maintain the property.
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