Wills

Of all the documents that you will prepare in your lifetime, your Last Will and Testament is easily one of the most important, along with a Health Care Directive and Power of Attorney. Preparing a will is a responsibility that every adult should take seriously and one that is best prepared sooner than later, lest unfortunate circumstances rob you of the opportunity to do so.

Upon your passing, your will is the document that specifies your wishes for the distribution of your property and assets, referred to as your Estate. These assets include your possessions, money, house, car, investments, and more. Virtually everything that is yours comprises your estate.

Even though you may feel that your Estate is far too modest for a will, it is an important document that speaks for you once you are gone, allowing you to choose who will receive your property and how it is divided among your beneficiaries. You may have prized possessions such as family heirlooms that you wish to leave to a specific individual. Your will is your means of ensuring that your desires are carried out. It is invaluable in avoiding potential disputes among those you leave behind.

Although possessions and wealth are often the focus of conversations about wills, another especially important aspect of your will relates to your children. If there should come a time when your children lose both parents, as in the case of an accident, or if you are a single parent, your minor children will need a guardian and caretaker.

Upon the death of both parents, or your own death as a single parent, a family court judge must appoint a guardian. One or more family members may come forward and offer to assume that role, at which time the judge will grant guardianship to whomever they deem most appropriate. By making a will that appoints a guardian, that will be the primary factor in the judge’s decision. Provided that person is willing, the judge will likely assign them guardianship.

An important part of creating your will involves the selection of a reliable executor. This will be the person entrusted with carrying out the instructions that you leave in your will. It will be their job to make your funeral arrangements and secure your assets. They will then be responsible for distributing them according to your stated wishes.

The role of executor is a crucial one. You may name a friend or family member if you wish, as long as they are someone who you consider to be trustworthy. They should also have an aptitude for paperwork and the ability to relate well with your beneficiaries.

In some cases, a suitable executor may not be available. In this case, hiring a professional is possible, typically a law firm or a bank.