WHY YOU SHOULD HAVE A WILL
Having a Will is always ideal. Wills are meant to help your family members know what you desire to do with your assets, children, debt, and whom you want to be responsible of your Estate prior to your passing. A Will that lays out your wishes will lessen conflict and speculation over trying to guess what you would have wanted.
A Will is not only about your asset distribution, it can do much more than that.
- Name your Executor or Executrix of your Estate;
- Name Guardians for your children and their property;
- List or create trusts for your children or any other young beneficiaries;
- List your debts, accounts, properties, businesses, and much more.
Remember, if you decide to get a Will be sure that it follows legal requirements of the state in which you reside. There are specific rules and regulations to finalize a proper Will. If there are any issues or questions of facts in the Will after passing, the Executor or Executrix may not be able to Execute the Will and the decedent may be considered to have died intestate (without having a Will). If this happens to occur, then the intestacy laws in the state where the decedent resided will determine who can be the Administrator or Administratrix of the Estate and how the assets will be distributed.
For more information pertaining to this blog, please give us a call for a free consultation at (929) 263-2073. One of our specialists will be more than happy to assist you with your inquiry.