What Is a Last Will and Testament for Anyway?
Last Will and Testament
A Last Will and Testament operates as one of the basic estate planning emergency documents. As an essential part of an estate plan, the Last Will and Testament (or Will) allows an individual to answer ahead of time a lot of the questions that come up upon their death. A Will also assists those who survive the decedent to avoid unnecessary costs and problems. Among the many benefits of a Will, here are a few:
Personal Representative or Executor of the Last Will and Testament
A Will identifies who the Testator (person who makes the Will) wants as personal representative of their estate. This avoids legal battles between those who want to be in control.
Guardians and Conservators of the Last Will and Testament
It makes known who the Testator wants to raise their children as guardians and conservators. This makes it easier for survivors to get along.
If the Testator becomes incapacitated, a Will sets forth who will be their guardian and conservator. This avoids or simplifies guardianship proceedings. That means less money on attorney’s fees.
Another positive result of having a Will stems from a recognition that people are people. That means problems. Without proper planning, arguments escalate and lawsuits languish. Wills provide direction to survivors with the hope that they will honor the wishes of he or she who has passed on. Honor without arguing with and suing one another. Again, a Will makes conflict less likely.
The Testator determines who gets their property in a Will. That doesn’t have to be decided right away. When it comes to tangible personal property, we provide a schedule that can be populated over time, according to the desires of the Testator. It may be updated without all the formalities of a Will if handwritten and dated.
Protection for Personal Representative or Executor
A Will specifies whether the personal representative posts a bond or not. Typically, a Will does not require a bond because it could be a sizable amount and thus a burden.
Protection for Minor Children’s Property
If you get a Will from Probate Law Group, it includes a system to deal with property left to minor children. The Will gives the children maximum protection while reducing costs.
The Probate Law Group Will remains valid and consistent with the Testator’s intent even if they divorce, remarry, have a child, adopt a child or move to another state.
Protection for Beneficiaries
It prevents property from going to those addicted to gambling, alcohol or drugs. It provides encouragement to the Testator’s heirs victimized by addiction and allows payment for their treatment.
Another conflict prevention provision in the Will disinherits those heirs who contest the Will in court. This provides an incentive for heirs to get along.
Want to learn more about a Will? Call Probate Law Group at 480.535.8000. We can help.