Benefits of a Last Will & Testament
A Last Will and Testament is a legal document that allows a person to control the manner in which their estate will be distributed after they pass away. It can be created by anyone over the age of 18 in order to avoid future potential disputes that could arise regarding the estate that they leave behind. A person would create the Will while they are alive, and its specific instructions are carried out after they pass under the direct supervision of the Surrogate’s Court in their county of residence.
If a person dies without a valid Will, in order for their property to be distributed an Administrator would have to be appointed. If there are living children, a spouse or a relative or heir, that person could petition the Court to be appointed Administrator. If there are no individuals willing to petition for appointment, the estate will be distributed by a court-appointed Administrator according to a predetermined formula defined by state law. If a person dies without a valid Will and there are no living relatives at the time of their death, the property of the estate will go to the state in which the deceased resided, depending on its laws.
When a person passes away with a valid Will, the Executor (a trusted individual to settle their affairs on their behalf after they’re gone) would petition the court to be formally appointed and upon such appointment, would begin to distribute the estate as dictated by the Will.
There are many aspects to tailoring a Last Will and Testament to a person’s specific requests however, its importance is not affected by its presentation. The point of a Last Will and Testament is to allow a person to determine how their remaining belongings and assets will be distributed after their death. It is especially important for parents with minor children, as it will allow them to appoint a guardian and have a say in how their children will be raised. Additionally, parents can create a Testamentary Trust within a Will that will provide for their children after they pass.
A Will also enables a person to provide instructions and set aside funds for the care of any pets they may have, as well as make gifts to charitable organizations. It allows a person to state what exactly they wish to be done with their remains and how they wish to be memorialized upon their death. A specific statement can be made detailing a pre-paid cemetery plot or religious ceremony, if they so choose. Most significantly, a Will allows a person to make their exact wishes known to their loved ones so that when the time comes, their wishes are carried out as instructed.
Among the many benefits of preparing a Last Will and Testament to dictate one’s wishes, the most priceless of them is peace of mind.