Estate Planning: Last Will and Testament

Help Avoid Family Conflict

Part of our responsibility to our family is preparing for our passing and making sure that the legal aspects of our affairs are as organized and manageable as possible.

A Last Will and Testament is a legal document that provides who is to receive your estate after your death, who will administer your estate, who will serve as guardian of your children, if applicable, and other provisions. It is important that your wishes are communicated to your loved ones and give them guidance in making difficult decisions. Questions of guardianship of children and even pets may be left to the courts if you die without a Will.

Sadly, 35% of Americans say they have had some sort of family conflict due to a loved one dying without a Will. Without clear direction on distributing your assets, your family may be left without direction and may experience conflict.

A well drafted Will, helps make sure your loved ones are taken care of in the manner you wish, and can provide at least a small measure of comfort during a difficult time. Each province or state has laws governing Wills.

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Save Time and Money

If you pass away without a Will, it’s referred to as having died intestate. The laws of each province or state designate how the estate will be distributed when a person dies without a Will. This means the laws of the province or state will direct how to divide your estate without your input, which could mean everything could end up not passing according to your wishes. This may leave issues for your spouse depending on how your assets are held. Your Will can designate who will take care of your minor children. Without a Will, the court must decide who is appropriate to be your children’s guardian without your input.

Probate is a legal court proceeding which transfers the property of your estate after your death. If the decedent had a Will, part of the probate process is proving of the Will. Clear and reasonable instructions are important for minimizing the possibility of legal challenges that could delay probate. The more this process drags on, the more fees the estate can end up paying.

By working with an Estate Planning lawyer to make sure your estate is in order, you can help arrange for timely and cost-effective distribution of estate upon your death. If you have a clear plan, it can reduce problems and can ease the burden of your death on your loved ones.

Plan For The Unexpected

As your life changes, so should your Will. Major life events are often signs you should create, or update your Will when you:

• Get Married.
• Get Engaged.
• Get Divorced.
• Have Children.
• Purchase, or Sell Your Home.
• Retire From Work.
• Become a Business Owner.
• Or, When There is a Death of a Loved One.

Work with an experienced lawyer to create a Last Will & Testament which can be updated each membership year to accommodate your needs as your life changes.

Originally published at https://patricesrobinson.wearelegalshield.com.