Do you have a Will?
Did you draft a Will but failed to sign it or get some people to witness it?
Do you know where you put your Will?
What if you can't find it?
No matter how you answered these questions, you should know that everyone has a Will, whether or not they know it. You might say: “I never drafted a Will, so I can’t have one.” The reality is that if you fail to draft or properly execute a valid Will, then the laws in your state will determine how your estate will be distributed. Thus, even though you have failed to address your wishes as to how to distribute your estate, state law will step in to help distribute your estate (based on their guidelines and determination) upon your passing.
A Will is a legal document that states your wishes regarding the distribution/settlement of your estate (the property that you own and hold in your name) after you have passed away. As a legal document, a Will is designed to guarantee that your wishes be carried out. In a well drafted Will you determine and state:
- To whom your property will pass
- How your property will pass (either by gift or trust)
- When the distribution will be made, (i.e. when a child reaches 21,) and
- Who will serve as your executor/trustee.
In basic terms, a Will guarantees that your wishes will be carried out the way you have requested once you die. If you die without a Will, then you are said to have died “intestate” and your estate will be divided up by the Probate Court according to state law. The problem with this is that the laws in your state may not yield the same results that you wish to occur upon your passing.
Comments