Originally posted on 10/31/2016
It can be difficult to consider the end of our lives when we are in good health. However, lives can change at any moment, so it is wise to be prepared for any situation that may arise. Despite the many benefits of a last will and testament, studies have shown that the majority of Americans do not have current wills.
Having a will can ensure that your wishes regarding your property, assets, and family will be followed in the event of your death. Most people find that having a current will provides them with a sense of peace knowing they have their affairs in order.
This article will give you a general overview of what a will is the benefits of having a will, and a start to writing your own will.
What is a Will?
A will is simply a legal document that specifies the wishes of the testator (the individual who created the will) regarding the treatment of their property in the event of their death. Wills are generally not difficult to make. Though the laws regarding wills and testaments depend on the state in which the document is drafted. The will itself may be handwritten, typed, made using computer software, or by filling out a form.
Why Have a Will?
As we go about our lives we tend to accumulate resources. These resources can come in many different forms whether it be land, homes, money, art, cars, etc. We usually care enough about these things to want them treated in a certain way.
By having a valid will you are able to specify exactly how you would like your resources treated in the event that you are no longer around to manage them. A will allows you to provide specific items to specific people, make charitable donations, and provide for your loved ones. If you have children, a will allows you to appoint legal guardians for them. It also prevents your family or relatives from having to go through the long and difficult process of managing your assets should you die without an available will.
What Do I Need to Do Before I Set Up a Will?
Before drafting a will, you will want to do some research and find out what the laws of your state require, as they vary from state to state. In general, the law requires that it be written by a testator who is a legal adult and of sound mind. The document must specify that it is the testator's will and specify the preferred method of managing property and appointing a guardian for children if the testator has them. It must also name an executor.
What Should I Include in a Will?
An executor is an individual appointed by the testator who will manage all of the logistics of executing the testator's wishes after their death. This includes filling any relevant documents and managing property and assets. An executor does not have to be a relative, but it is usually a relative or close friend who has consented to perform all of the necessary duties following the testator's death. After all of these topics have been covered in the will, it must be signed by witnesses who are both legal adults of sound mind and are not beneficiaries of the will.
Work with a Legal Professional Who Specializes in Wills
We hope this overview of wills has been helpful for you. Though a will does not have to be drafted with the assistance of a legal professional, it may be advantageous if the testator has significant properties or assets that are unconsolidated. The attorneys at Aldrich Legal Services have more than 21 years of experience helping people set up their will. Give our team a call today to set an appointment.