Write Your Own Will
Will Basics 101: What A Will Is and Why It Is So Important For Relatives To HaveThere are several important things a person can do for their family… one of which is to create a Living Will and Last Will and Testament. What are these?
1 – Living Will - This works by legally speaking for the person who is unable to do so him/herself due to a serious health condition or accident that leaves them incapacitated.
2 – Last Will and Testament – This gives legal authorization for the creator’s wishes to be committed for implementation upon the person’s death.
And, because life can be so unpredictable, it’s imperative to have a Will written up.
Most folks in the United States know how important it is to have a Will. While folks know the importance of having a financial plan, thousands of them die each day without one. This means their families must deal with the probate and state laws. However, there are many folks who believe they won’t ever die or they have more than enough time to create a Will.
Based on information from the Centers for Disease Control and Prevention (CDC), Department of Health And Human Services (HHS) and National Center for Health Statistics (NCHS) for the U.S., roughly two and half million folks will die in the U.S. every year, which translates to 826 people for every 100,000 people.
Why It’s Beneficial To Create Yourself A Will
When estate owners die with a legal Will drafted, it’s said that he/she dies testate. The Will gives the testator the power to control the rights of people in regards to his/her property, interests, business, financial resources, investments and family after he/she passes away. This is called a Last Will and Testament, as it specifies the last thing the testator desired to have done and supersedes other previous Wills.
The estate can avoid probate taxes and court costs linked to probate, which leaves more inheritance for the heirs. An executor will be named in the Will by the testator. His/her duties are to execute the testator’s wishes as the Will instructs. The testator has the option to designate a guardian for any minor children and/or disabled person, which is called the Will trust. It may also be used as a tool for dispersal in a Trust.
A Will makes a testator inventory all his/her assets, possessions and business interests so they may be distributed sufficiently among the heirs and beneficiaries. Assets can include anything the testator holds in his/her name, joint ventures, joint ownership arrangement, Trusts and partnerships.
A testator’s assets might include:
- Business/ Corporate Interests/Company
- CDs/Funds /Money Markets/Savings
- Bonds/Investments/ Mutual Funds/Stocks
- Laws Suit/Structured Settlement Benefits
- Life Insurance/Annuities
- Pension/Retirement Accounts
- Personal Property/Antiques/Jewelry/Motor Vehicles /Collectibles
- Personal Residence/Real Property