What Is The Last Will
and Testament?
Basically, a legal will document stipulates how you want your personal property distributed after your death. The person in charge of creating the will is called the Executor, and the individuals who will receive the asset as stipulated by the will are called the beneficiaries.
In situations where the writer of the will has minor children, you will have nominated guardians who will ensure your children are well taken care of. Also, executors of the estate are named (usually the guardians) to keep and later distribute wealth and/or assets to the children once they reach adulthood.
In the event that you die suddenly without drafting a will, intestacy laws, also called state-specific laws through their governed mechanisms, will determine who receives your property with equality.
What Information Does A Will Contain?
When drafting a will, you can expect to include a nominal amount of information such as the following:
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A detailed list of all your properties.
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Names of family members and friends as they appear on their legal identifications or passports.
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Philanthropic organizations to receive your properties.
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Detailed information on who will take responsibility for minor children.
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Information highlighting guardianship of pets.
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Appointment of a person who will take care of your properties after your death.
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Detailed burial instructions.
Additionally, your entire will package should also include these documents:
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Living will.
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Healthcare proxy.
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Power of attorney.
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Some assets cannot be included within a will or may be better handled in other ways such as living trusts.
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Therefore, having someone who is knowledgeable about your state’s probate laws to assist you with drafting a will would be a prudent choice for your family rather than allowing the local courts to make these decisions after you’re gone.
About Updating or Revoking Your Will
You may also find yourself in a situation where you need to make some amendments to the will that you’ve already written. In such a situation, you should seriously consider hiring a legal document assistant to assist you with drafting the necessary documents. For instance, you could add a codicil document that will change or add provisions. Like wills, codicils also require the presence of witnesses who will confirm that you are aware of what you are signing and ensure that you are of sound mind. In some states, the presence of witnesses is not a mandate. Instead, the testator signs the document in front of a notary public.
However, your situation might call for drafting a new will rather than using a codicil to amend the old one which will need to be revoked and shredded. Again, a professional can advise you on the best course of action.
Why Monday Morning Trust?
When drafting a will, you should look for a stellar full-service firm that will assist you in creating an affordable will package. The professionals at Monday Morning Trust offer over 23 years of expertise in planning and settling estates in the USA. Plus, they have a unique collaboration with other multiple firms and legal professionals who engage in detailed information-gathering sessions to make sure that everything in your document is accurate.
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