EismanLaw, PLLC offers a thoughtful approach to estate planning and Wills are one of the many tools used to help clients plan for the future. A Will, also referred to as a Last Will and Testament, is a legal document that states how and to whom you want your assets and possessions distributed after your death. It can also be used to name guardians for minor children. A Will has several functions including:
- Appointing an executor, who carries out the provisions of the Will.
- Identifying Beneficiaries—the individuals or organizations who will inherit your assets.
- Providing directions for how and when the Beneficiaries will receive the assets.
- Naming guardians for minor children and their property.
- Instructing how debts and taxes will be paid.
The Role of a Will in an Estate Plan
Most of us do not want to contemplate our own mortality, and preparing a Will forces us to do just that. Neglecting to prepare a Will, however, can lead to problems. Without a Will, your estate will be subject to your state’s laws of intestacy — your state will determine who receives your property. The rules vary from state to state, but generally, surviving spouses and children share a decedent’s intestate estate. Without a Will:
- The people you want to benefit from your estate may end up receiving little or nothing.
- Your wealth and possessions may be distributed to unintended beneficiaries.
- Beneficiaries may receive an inheritance that is subject to liens, attachment or collection from a divorcing spouse or creditors.
- There is a likelihood of disputes among your loved ones over an inheritance to which they may feel entitled.
A properly drafted Will provides you with peace of mind by minimizing the potential for these and other problems to develop. We will work one-on-one with you to plan ahead, safeguard your loved ones’ future and ensure this peace of mind.
EismanLaw, PLLC Can Help You Create a Will
For nearly 30 years, EismanLaw, PLLC has assisted numerous individuals, business owners and organizations with Wills and estate planning. To discuss your estate planning options contact us today.