Why Do You Need a Last Will and Testament?
A Last Will is a document that mentions your final wishes as an individual and also gives details on who gets what after death. It could be a simple list of people and how much money they get, or it could be a complex legal document dictating how assets should be divided between beneficiaries.
A Last Will is not legally binding, but it can help ensure that there are no disputes over inheritance and that everyone gets what they deserve. It is possible to find last will templates at websites that have legal documents online.
What is the Need for a Last Will?
Most people do not have any sort of will written down, although they should. If you do not have a will, then your loved ones could lose everything if something happens to you. The best way to avoid dear ones losing things is to write down what you want in your will; just make sure you know who you are leaving it to. You never know when you might get sick or die unexpectedly; so keep your loved ones covered.
This legal document will allow you to provide instructions regarding how your assets should be handled after your death. It will specify who gets what and where it goes. A Last Will, if it is properly drafted, may help avoid some disputes among family members.
In addition to providing instructions about how your estate should be distributed, a Last Will would also give the executor of your estate the power to make decisions regarding your personal affairs and medical treatment if necessary. If you have no close relatives, you could create a trust instead.
How to Prepare a Last Will?
To prepare a Last Will and Testament, you have to follow these steps:
- First, decide who is going to serve as executor.
- Next, draft your will.
- Make sure your will states what assets you want to pass to whom and where they go. A good way to start writing a Last will is to make sure that your wishes are clear and concise. Create a list of your assets and liabilities. Write down everything you own (real estate, cars, furniture, jewelry, etc.) and everything you owe (mortgage payments, credit cards, loans, etc.).
- Once you have created this list, you can assess how much money you need to leave to each person. If you are not going to leave anything to anyone else, then you do not have to worry about leaving them a sum of money. But if you do plan to leave something to someone else, you need to think about who it might benefit and how big of a gift they would appreciate.
- Consider including a clause stating who you want to act as guardian for any minor children.
- Finally, sign your will and file it with the court clerk. You will need to pay a fee to file your will with the court.
You can change or revoke your Last Will at any time. To do so, download a free last will and testament form template here.
