A will is a legal document that spells out your wishes regarding the care of your children, pets as well as the distribution of your assets after your death.
Put simply, a Will is a legally prepared and bound document that states your intentions for the distribution of your assets and wealth after your death. In the event you have children or pets, a valid Will also allows you to designate who will care for them.
The history of Wills actually dates back to Ancient Roman times. The idea was based around the desire to provide instructions for the passing of one’s possessions to Beneficiaries. Interestingly, many of the original 19th century requirements that were established in England surrounding the creation of Last Will and Testaments have withstood the test of time, and are still legal requirements to this day in many states.
In the simplest terms, a properly-prepared Will is a legal document that ensures you’re protecting your assets, surviving spouse and loved ones after you pass. By explicitly outlining what you want to have happen in the future, your final wishes will not be ignored if others try to step in.
Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause stress on your family.
What is a beneficiary?
A beneficiary is a person who receives all or part of the distribution from the deceased estate. There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide...
What is an executor?
An executor is a person (or sometimes more than one person) named in a Will to carry out the wishes of the Will-maker after their death. Often solicitors or specialist trustee companies are named as executors. The most critical activity undertaken by the appointed...