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Wills
Let’s not be caught without having a Will. Many of us don’t have any idea how to prepare a living will. TJ’s Legal document services has the forms to assist. Keep in mind that we are not attorneys, nor do we offer any legal advice.
A will is a legal document that indicates how a person wants his or her estate (money and property) to be distributed after death. Wills must expressly state to whom the will belongs and be signed, dated, and include the signatures of at least two witnesses.
Please keep in mind; a will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Furthermore, your heirs may be forced to spend additional time, money, and enthusiastic energy to deal with any outstanding issues after you're gone.
WHY IS HAVING A WILL SO IMPORTANT?
Although many people think that only the very wealthy or those with complicated assets need wills. However, that is not the case. There are many good reasons to have a will.
- You can make it clear as to who gets your assets. You can decide who gets what and how much.
- You can keep your assets out the hands of individuals you would prefer not to have them in (like an alienated family member).
- Having a will can also identify who should care for your children. Without a will, the courts will decide.
- With having a Will in place, your heirs will have a faster and easier time getting access to your assets.
- You can also plan to save your estate money on taxes. You can also give gifts and charitable donations, which can help offset the estate tax.
WHAT WILL A WILL COVER?
A will primarily let you direct how your belongings—such as bank balances, property, or prized possessions—should be distributed. If you have a business or investments, your will can specify who will receive those assets and when.
A will also let you direct assets to a charity (or charities) of your choice. Similarly, if you wish to leave assets to an institution or an organization, a will can assure that your wishes are carried out.
While wills generally address the bulk of your assets, some are not covered by their instructions. Those omissions include payouts from the testator's life-insurance policy. Since the policy has specified beneficiaries, those individuals will receive the proceeds. The same will likely apply for any investment accounts that are designated as "transfer on death." For more information on those type of wills, you can consult with an attorney for legal advice.
