Last Will & Testament
What you have earned and saved over a lifetime of hard work means a lot to you. Your Last Will and Testament, more commonly known as a Will, is essential to ensuring that your decisions are honored after you are gone. A Will allows you to provide, in an enforceable way, how and to whom your wealth will pass upon your death.
You may not be aware of this, but if you don’t have a Will, the state will determine who receives your assets. Read more on this here.
If you have children under the age of 18, it is critical that you have a Will. If you were to die and leave your child parentless, someone else would have to provide care and guidance. Through your Will, you get to choose who this person is. If you fail to have a Will, you leave it to a judge to decide who the child’s guardian will be.
Creating a Will allows you to leave your property to whomever you wish. You can make sure that the right people or charities get the right amount at the right time in the right way.
In your Will, you name your executor—the person who will manage your affairs after your death. The responsibilities of your executor includes paying all your outstanding taxes and debts, and making distributions to those entitled to share in your estate.
If you have disabled beneficiaries for whom you need to make special arrangements, you can include a third party supplemental needs trust in your Will. You can also make provisions for an income-only trust, a life use, or installment distributions to a beneficiary as they obtain preset ages (example: ½ at age 30 and ½ at age 35).
Thinking about doing your Will online? Read this before you do.