Last Will & Testament
A last will and testament is a legal document that communicates a person’s final wishes pertaining to their assets. It provides specific instructions about what to do with their possessions. It will indicate whether the deceased leaves them to another person, a group, or wishes to donate them to charity.
Having a last will and testament gives you some control over what happens to your assets after your death.
If you die intestate, or without a will, your estate, including the distribution of all assets, is settled by the courts. If parents with children die without a will, the courts will appoint a guardian for those who are minors.
If you have a business or investments, your will can specify who will receive those assets and when. A will also allows you to direct assets to a charity (or charities) of your choice. Similarly, if you wish to leave assets to an institution or an organization, a will can assure that your wishes are carried out.
Your Last Will and Testament must be drafted in accordance with the legal requirements, determined by law.
A person writes a will while living. Its instructions are only carried out once the individual dies. A will names an executor of the will. That person is responsible for administering the estate. A probate court usually supervises the executor to ensure that the wishes specified in the will are carried out.
A will and last testament can form the foundation of an estate plan and is the key instrument used to ensure that the estate is settled in the manner desired by the deceased.
To provide long-term care for a loved one with special needs, it’s best to set up a special needs trust. The trust can direct the care and provide ongoing income, without affecting the benefits they can also receive through government programs.
For a will to be considered valid, every page must be signed by the Testator/Testatrix. It is also a legal requirement that the signing of a will be witnessed on every page by at least two unrelated individuals, aged 18 or older.