Setting up a Will can do a number of things in your favour, it will enable you to decide on a number of different areas in your life that you wouldn’t necessarily consider.
You have the choices to name an executor, sharing your property fairly with whomever it may concern, overturn debts and care arrangements if you have young children or dependants.
This five point plan will ensure any queries or problems can be covered, with any unanswered questions also answered.
- Naming an Executor or Administrator for your Will
Passing away without a Will will revert to court, where a Judge will pick an administrator during the Probate process. This may suspend the process further and stop your family receiving your possessions. You will need someone to finalise all the details after you pass. When you write your Will, you name your executor.
- Making arrangements to care for your Children?
Having a Will becomes more important if you have small children or dependents. This is the only place to name who will legally be the guardian of your children. If both parents are deceased without a Will, the court will decide who the best person to raise your children is. It is best to consider setting up a Will for this reason alone.
- Who Will Receive What?
Selecting what will go to who can be a difficult choice to make, although this is one of the most common reasons to create a Will and Testament. There is no limit and anything can be assigned to someone from your estate. For example, properties, cars and personal belongings can be included.
If you haven’t got a Will, the court will follow the necessary state laws during the probate process to determine how your estate will be distributed. The probate court will decide what every person receives, giving most items to your closest relatives.
- The Probate Procedure
Having a Will aids the Probate process and lets the court know how you want your estate divided. All estates must go through the same probate process, the court decides the dividing how to separate and settle debts if a Will is not available. This prevents family dispute and added pressure on your children.
- Make Gifts and Donations
This is an excellent way to make sure your legacy is passed on gracefully. If you have a specific charity you want to make a pledge to, you can decide in your Will.
If you have any questions about writing a Will, Will Protect has a team of expert individuals ready to answer!