Last Will & Testament
What is a Last Will & Testament?
A Last Will & Testament is an estate planning document sometimes just referred to as a Will. The purpose of a Will is to establish a person's final wishes for the end of their life.
What Can Be Included in a Will?
Someone who is the subject of a Last Will & Testament is known as a “testator.” A person who inherits assets from a Last Will & Testament is called a beneficiary or an heir.
Many different kinds of assets can be included in a Will, from personal mementos like clothing, jewelry, and photographs to financial assets like bank accounts, stocks, and bonds. It can also distribute motor vehicles like cars, trucks, motorcycles, and boats. A Last Will & Testament can even be used to designate who will inherit real estate. Almost any kind of assets can be included in a Will, but it is important to ensure that it does not conflict with other legal documents such as deeds and transfers on death (TOD).
Although most people primarily associate Wills with inheriting assets, they can also be used for other purposes. For example, Wills can be useful for establishing guardians for minor children.
Every Last Will & Testament should assign an executor. An executor is the person responsible for managing and carrying out the terms and conditions of the Will. Therefore, it is important to think carefully about who is best-suited to handle that role. It should be someone who is trustworthy and dependable. Wills sometimes also include an alternate executor in case the original executor is unable to carry out their duties.
Why Do I Need a Will?
Having a Last Will & Testament is important for multiple reasons. First, it ensures that your final wishes will be honored. This provides you with control over what happens after death. If you have a Will, you do not have to worry about whether your loved ones will make the right decisions on your behalf because they will have clear instructions as to what you wanted. This can also help to reduce potential conflicts among family and friends regarding how the estate will be divided.
Another major benefit to having a Will has to do with the probate process. If someone dies “intestate” (without a Last Will & Testament), estate administration becomes more costly and time consuming. Therefore, having a Will can be a great way to make life easier on loved ones and can even save money.
Contact Fogt Law Office
Attorney Christopher Fogt has helped guide many families through the process of planning their estates. He has the knowledge and experience to respond to any questions or concerns you may have when making these important decisions. It can be difficult and emotional to contemplate the end of life. Nevertheless, it is crucial to have a plan in place to care for your loved ones. No one lives forever, so everyone should have a Will. Contact Fogt Law Office to discuss creating a Last Will & Testament, so that you and your loved ones will be prepared. Call (937) 254-2600 or email [email protected].