Creating a Last Will and Testament is an important part of your estate plan. It allows you to provide precise instructions regarding the disbursement of your estate once you pass on. After you make the initial decisions regarding your estate, you'll want to contact Cris S. Houston or another attorney who handles Estate Planning to assist you in creating a legal document that will be recognized and executed according to your wishes. If you fail to create a Legal Will, the court will make most of the decisions regarding how your estate will be handled, The court will also choose the executor of your estate, who will make the decisions the court does not make. The bottom line is, if you do not create a will, someone else will get to decide what happens to everything you worked so hard for. This is why it is imperative that you speak to an attorney to help you create a legally binding will, that will be recognized and honored by the court.
We are happy to help you create a Will (also known as a Last Will and Testament) so that your wishes regarding the distribution of your property will be honored once you pass on.
One big advantage of a will is that you can plan exactly how you want your estate divided among your heirs after you pass away.
A second huge advantage of a will is that you can choose the executor of your estate. The executor carries out your wishes as stated in your will and ensures that your possessions are correctly divided among your loved ones.
A third major advantage of a will is that it can make the probate process simpler and smoother. Probate is the court-supervised process of distributing the estate of a deceased person. If you do not have a will, state law will control the distribution of your property upon your passing. The greatest disadvantage to allowing state law to control this process is that your wishes may not be honored.
Creating a Last Will and Testament is one of the most important parts of an estate plan. Your will allows you to make your wishes known regarding how your estate should be handled when you pass away. This is the step where you'll want to contact an attorney to assist you in creating a legal document that will be recognized and executed according to your wishes.
In your Last Will and Testament, you will name an executor who will have the authority to pay your debts and distribute your remaining assets to your beneficiaries. In your will, you will also leave instructions for the care of any minor children, such as who will care for them and who will manage any assets you leave to your minor children in your will. You'll also need to clearly name the beneficiaries who you want to receive assets. Also, remember to check who you have named as beneficiaries for insurance policies, retirement accounts, brokerage accounts, and payable-on-death savings accounts, because any money and/or securities in these types of accounts will only be awarded to beneficiaries you designate in those individual account documents, no matter what your will states.
After creating a will to express your wishes regarding your estate, it's also important to make your wishes known regarding healthcare if you are too sick to speak for yourself. You can create a written statement detailing the healthcare procedures you want, and the procedures you don't want. This statement can include details about your wishes related to anything from diagnostic tests to Do Not Resuscitate (DNR) orders. This document is known as a Living Will, or Advance Directive. You will also need to appoint a Medical Power of Attorney who you trust to make healthcare decisions if you ever become incapacitated, or cannot speak for yourself.
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