A last will and testament is a crucial piece of an individual’s estate plan. This legal document outlines various desires and plans for a person’s assets following their death, particularly in regard to their dependents and charitable interests. Basic components of a will include how to distribute possessions and how to manage various things the person had been responsible for, such as financial interests or custody of a dependent. In most cases, a last will and testament is a standard document, although emerging trends in certain territories now include holographic wills.
While death can be a very sensitive subject, people should begin thinking about their last will and testament and other aspects of estate planning as soon as possible. To start, they should consider who they would like to name as the executor of their estate. This person is tasked with carrying out the requests described in the will to the best of their abilities.
Estate plans do not always consist solely of a will. Other aspects include setting up trusts and the designation of power of attorney and health care proxies. That said, while life insurance policies, qualified retirement plans, and various assets not designated by a beneficiary can be exempt from a last will and testament, a will is considered the single most important component of an estate plan.
Of course, understanding the purpose of an estate plan and what should and should not be included in a will is useless if a person does not know how to legally formalize their estate plan. To this end, people should consult with experienced attorneys. It is not uncommon for attorneys to function as executors. While specific requirements vary from state to state, many locations require a person to sign their will into existence in the presence of at least two non-familial individuals over the age of 18.
Individuals who pass without a will (or without completing a will that can be recognized by a court) leave their estates to the whims of a probate court. The realities of this scenario should be readily apparent to any parent or guardian. Without naming a family member or friend to watch after children in the event of parent’s death, the decision is left to a court consisting of individuals who do not know the child or the nature of their relationship with other members of the family. While courts will attempt to do their best on behalf of children, this is a decision best left to those who know and care for the children.
While the welfare of a child may be one of the most pressing issue linked to probate court, it is hardly the only matter people should be aware of while composing their last will and testament. In some states an estate enters into probate court as a matter of fact, while other states only initiate probate processes if the decedent has no will or the will in place is contested, such as a beneficiary claiming the decedent was not of sound mind when signing the document.
If a will is not present or recognized as valid by the court, probate officials will use standard laws to distribute assets among beneficiaries. Again, these processes should encourage a person to start managing their estate. Consider the case of a long-term boyfriend or girlfriend. In many jurisdictions, such a relationship holds little to no legal bearing. This individual would be unlikely to receive any support through probate processes, as laws often define dependents as spouses, children, and other immediate relatives.
