Although each state has its own underlying laws regarding the provision of a last will and testament, every adult, including young adults should create their own will. The states do vary between each other, although generally speaking they will distribute assets to one’s next of kin, partner and children (if any). A will is the legal documentation which otherwise specifies the distribution of an estate when one passes away.
Therefore, if you want some degree of control over the process, and to avoid relying upon your state’s legislation, a last will should be prepared while you are still alive. It also helps to remove any doubt about the wishes of a loved one. On the other side of things, if you are close to, or related to the deceased, the presence of a last will helps organise matters.
If you pass away without having left a will behind, referred to as dying ‘intestate’, you will not be able to provide a say in the distribution of your estate. In turn, this could mean assets are allocated against your wishes, or in the case of no close family, will be passed onto the government.
A will should not be confused for a power of attorney. The will takes effect once a person passes away, whereas the power of attorney comes into effect when someone else is appointed to help a living individual make decisions over their finances. This is often the case when they may suffer from physical or mental problems.
One of the things about a will that is often misunderstood is that a lawyer is not necessarily required. Still, it is generally advisable to draft such documentation with the assistance of a lawyer. In either case, the will requires signatures to be witnessed. What’s more, professionals are also able to advise about other matters concerning taxation and title registration, and also store the original copy of the will safely. Such professionals can act as an executor in managing the estate post death.
It is also possible to amend or rescind a will based on a change in preference. These changes must be done while you are still alive. Entering a marriage will also result in a will being rescinded, unless provisions were made in advance of the wedding to include the partner.
Changes are best handled by a professional who can annul superseded documents. The area has sometimes proved an issue when family members challenge a will, claiming it was not the last version, nor properly signed and witnessed. Other areas of contention include the mental capacity of the individual who made the will, and whether they were coerced to draft it.
Ultimately, the provision of a will offers some certainty and direction with regards to financial matters after one’s passing. Property can be allocated to loved ones as you see fit, a guardian can be appointed for your children, a business may transfer ownership as intended, and charity may also be deemed a recipient. All in all, complications are reduced, leaving less costs behind for your loved ones.
