Who Needs a Will Anyway?
A testamentary will is a legal document that outlines how a person's assets will be distributed after they pass away. Aside from being a smart thing to do, adults should consider a testamentary will for several reasons:
Control over asset distribution: A testamentary will allow adults to control how their assets will be distributed after death. This helps ensure that their assets are distributed according to their wishes rather than being left to the discretion of others.
Protection of family members: A testamentary will can protect family members by providing for their needs after the person's death. For example, a parent can include provisions for caring for their minor children or a disabled family member.
Minimize family conflict: A well-drafted testamentary will can help prevent disputes and conflicts among family members over the distribution of assets.
An individual can consult an estate planning attorney to get a testamentary will. The attorney can draft the document, ensure it meets all legal requirements, and help the individual understand their options for asset distribution.
Other important estate planning documents include, but are not limited to:
Power of attorney: This document designates someone to make financial or medical decisions on an individual's behalf if they cannot do so themselves.
Advanced Directive: This document outlines an individual's wishes for end-of-life medical care. Note that this document may be called different things in different states. Another common name is "living will."
Trusts: Trusts can be used to protect assets, minimize taxes, and provide for the needs of beneficiaries. A trust can be managed by the grantor (individual subject of the trust) during their lifetime, and upon death, the grantor's trustee distributes assets to beneficiaries according to the grantor's wishes. Trusts can be revocable or irrevocable and must be funded with an asset to be effective.
Wisdom tells us that adults must have an estate plan that includes these documents to ensure their wishes are carried out, and their loved ones are protected. Thank you, ole Wise Ones :-)
