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A Last Will and Testament is a legal document that provides instructions to your Executor (the person who will manage your estate) as to how your assets should be divided upon your death, and how they are to be distributed. Many people say they don't have a Will but while technically accurate, they do have a Will as the State has essentially provided a Will for anyone that doesn't take the time to write one. The State will decide who receives your assets if you do not decide yourself prior to your death.
- Many young people tell us they don't need a will because they "don't have anything". But, if you are a parent, having a will is critical if you have young children because it is a mechanism for you to designate a guardian to raise your children and manage their finances in the event of your death. In most cases, a surviving parent assumes the role of sole guardian. However, a named guardian is essential for those rare instances of a joint disaster, or if the surviving parent is too ill or otherwise unable to take on the responsibility alone. Again, without a will, the court will appoint a guardian for your children and it may not be someone you would have chosen had you had the opportunity.
- Your Will will name the person that you have chosen to manage your affairs after you are gone (the "Executor"). This is a very important position with a lot of responsibility; if you don't choose someone, the court will appoint a family member or attorney and, again, it may not be someone you would have otherwise chosen. It is always better to make the choice yourself while you can.
- Although a simple will can be fairly straight forward to prepare, nearly two-thirds of Americans die without either a simple or complex will. Many people assume their spouse will inherit everything, but this is rarely the case. If you care enough about your loved ones to care whether they will be taken care of after you are gone, then we strongly suggest you take the time to prepare a will. While a simple will is not appropriate in all situations, any will is generally better than no estate plan at all.
- Your Will generally gives instruction to your Executor on how or when to pay your outstanding debts, and whether creditors are paid prior to distribution of certain assets.
- A common misconception is that a living will is a will, or somehow connected to your will. A living will is completely separate and is related to your health - it alerts caregivers as to what type of care you do or do not want to receive should you become terminally ill or otherwise without hope of recovery. A Last Will and Testament deals with your property. More on Living Wills...
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