It’s never too early and never too late to draft a Last Will and Testament, if you don’t have one… get one! When it comes to Wills, you can make it as complicated or as simple as you needs require. It can be as simple as bequeathing all your worldly belongings or as complicated as adding provisions, requirements, etc. If you’ve been putting off having one written because you’ve been afraid of its complexity, don’t be!
Your Last Will and Testament carry the force of law and will rarely be overturned by a judge unless:
- It violates the law.
- Was written under duress or incompetence.
Executor
This is probably one of the biggest reasons why you want to have a Will. If you do not name an Executor of your estate, then the laws of the state will govern and the court will appoint an administrator. Having an Executor can simplify many problems (though it can introduce new ones) but is far superior than a third party administrator divvying up your belongings.
Bequeathing
This part names the heirs, what they are to receive, and clears up all confusion. If there are no named heirs and no direction as to how things are to be disbursed, then it goes to state law which may or may not match what you believe. Sometimes the living spouse doesn’t get everything if there are children, sometimes the children get nothing if there is a spouse, the law of the state prevails.
Having a will clears up confusion, has the potential to prevent a significant amount of in-fighting, and generally makes life a lot easier for your family. While it forces you to face your own mortality, it’s certainly better than leaving your family in disarray after you are gone.
Comments
7 responses to “Last Will and Testament Advice: Have One!”
How would one go about choosing an executor without worrying about whether the executor will live long enough to execute your will?
I guess I am wondering about those law firms in the movies that always appear when a benefactor inherits something? Is this for real, is there a one time fee for this or is this an ongoing expense?
That I don’t know, I’d ask an attorney about that.
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Reply to MBL. Personally, I would not name an attorney as executor of my estate. The executor hires a lawyer to handle all legal matters for the estate and guide the executor through the process. Why not just name your lawyer as executor? I don’t like it for this reason: the lawyer then names his partner as attorney for the estate. It’s a built in mechanism and incentive for milking the estate for maximum lawyer fees possible.
I look forward to reading your posts. Thanks for all the work!
As a person who has been an executor I would always hire a lawyer to do the job.
1. Executors do not get paid.
2. Family members just S@#* on the executor.
Not worth the problems.
That I don’t know, I’d ask an attorney about that. and what have to ask.