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A legal document that directs the disposition of a person’s property upon their death.
Tragic accidents happen to people of all ages. Previously healthy individuals are diagnosed with aggressive illnesses every day. Millions of people die each year without warning and before they reach retirement age – many of whom leave their family and loved ones without any direction or support to carry on. A Last Will and Testament can help supply clarity and security in the event of unexpected or untimely death.
A will is not only a helpful estate planning tool for a wealthy individual with millions in their estate. Regardless of the size of your estate, a will can help ensure whatever you have goes to the right people. A will can also provide useful instructions and guidance for your family and loved ones in the event of your death. There are several ways a Last Will and Testament can eliminate the guesswork and reduce stress for your family and loved ones, including the following:
Special Gifts to Certain People
If you have specific gifts or items like family heirlooms, collections, or memorabilia that you want to give to specific individuals, the list of items and their intended recipients can be included in a will.
Intended Burial Arrangements
If you know that you want your bodily remains to be cremated, buried, or disposed of in a certain fashion, then a will allows you to specify burial or disposition of body instructions.
Selection of A Fiduciary
If you have a family member, friend, or colleague that you trust to follow through with your wishes, then a will allows you to nominate a fiduciary. The fiduciary is the person charged with carrying out a person’s wishes in their will. The fiduciary is also referred to as the Personal Representative of an estate. The right person handling the estate not only gives you piece of mind, but could avoid unnecessary conflict between your loved ones during the administration of your estate.
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