Preparing a Will is a key step in planning for what happens when you pass away.
What is a Will?
After a person has passed, a Will effectively advises the court on what to do with their estate.
A Will is a legal document that allows you to appoint a trustee to manage the assets and liabilities of your estate. It also states your wishes with respect to the distribution of your estate to your beneficiaries. A beneficiary is a person named in a Will to receive all or part of an estate. Or it can be a person having a beneficial interest in a trust created by a Will.
CHOOSING A TRUSTEE
A trustee, also known as an executor, is responsible for administering your estate. When choosing your trustee, it should be someone who you trust to carry out your wishes. You may also want to consider someone who will likely be alive when you die. Your trustee should be someone with some knowledge of your assets, as this will be beneficial when it comes time to administer your estate.
Most people appoint a spouse, family member, or close friend as their trustee. You can also ask a lawyer, a notary public, a private trust company, or the Public Guardian and Trustee. Most importantly, they must be willing to do the job as executor, so check in with them first!
You can also choose to appoint more than one trustee, and they can act together as co-trustees.
Additionally, it is recommended that you select an alternate trustee, too. An alternate trustee is a backup person who can take over if the first trustee is unable or unwilling to act.
Appointing a Guardian For Your Children
A Will is one of the only documents which allows you to appoint a guardian for your minor children. If you are a parent or guardian of a minor child, it is recommended that you appoint someone to be the child’s guardian in your Will. This will ensure that your children have someone looking after them in the event of your passing. Again, you have the option to name multiple guardians and to appoint a backup guardian in your Will.
Why Prepare a Will?
Every adult who owns assets or has a spouse or children should have a will. It provides a clear statement of your wishes and allows you some control over who gets what in the event of passing. Importantly, it can help you protect your loved ones by eliminating a great deal of stress and confusion down the road, ensuring that everything is decided on ahead of time. Lastly, it can help reduce future costs.
Need A Will? Contact Us!
Our legal team is here to help. We understand that estate planning can seem a bit daunting, but we are here to support you with every step.
You can email us at estate@papercliplaw.com, and we will take it from there
