Last Will And Testament
WHAT IS A LAST WILL & TESTAMENT ?
A Will is a legal document outlining your wishes regarding your property, your children, pets and your Estate's distribution after you pass.
DID YOU KNOW ?
Most people's Estates end up in probate court to divide their assets and debts. If you don't have a Will, this process can get very expensive, time-intensive, and contentious for your loved ones. It also means that someone else gets to decide what happens to your Estate instead of you. Without a Will, a Judge will pick someone to administer your Estate.
Having a Will simplifies the probate court process because your wishes are taken to court, and they will consider and often honor those wishes when deciding who will handle your Estate. This person is called the Executor or Personal Representative of your Estate.
WHAT IS AN EXECUTOR ?
An Executor is someone responsible for managing your estate and carrying out your wishes. It's a job of trust. It includes managing all your financial assets, including bank accounts, retirement accounts, the selling of property or other assets, and distributing money to your beneficiaries according to your wishes or the laws of your State. You should pick someone you trust with this job.
WHY DO YOU NEED A WILL ?
There are many reasons for someone to create a Will – from making sure your wishes are outlined to put in place safety and security for your family and loved ones. Here are some more reasons for you to consider:
How Your Property Will Be Divided
In your Will, you can outline who gets what and when from your Estate. In your Will, you get to choose who your beneficiaries are, and you get to assign what you want them to get. This can be a set share of your Estate, or it can be a specific asset such as a house or car. It's your executor's job to distribute your assets according to your wishes, so it helps to be as detailed and precise as possible.
If you do not have a Will, your Estate will be divided by the court using the applicable laws in your home State – generally called intestate succession statute. This means that the State decides what percentages of your Estate will go your beneficiaries based on your surviving relatives. If there is someone you want to disinherit, you need a Will to override the State laws. This includes an Ex-Spouse or a delinquent child you never intended to have as a beneficiary.
Children & Dependents
A fundamental reason that many create a Will is to protect their children and make sure they are cared for in any scenario. A Will lets you select a Guardian for their children or adult disabled dependents. Although a surviving parent typically assumes sole legal custody, a Guardian must be named either by you or a court if both parents pass.
What does a Guardian do?
A Guardian will ensure your children or adult dependents' needs are met, including their health, education, and general welfare. This means they will ensure your children have shelter, food, and the care they need daily. If you don't choose a guardian ahead of time in your Will, a court will have to choose one for you. This person might not be who you would have otherwise picked to raise your children.
Pets & Animals
Whether you have a dog, cat, or horse, making sure that your animals are taken care of and not in a shelter is very important to many people. Because pets are property, you can leave them to someone like any other asset. You can also provide financially for your animals right in your Will.
Another aspect that people overlook is what happens to your digital assets when you pass. These assets include social media accounts like Facebook and Instagram, including email accounts, photos, videos, and other online accounts. In a Will, you can name a digital Executor to manage these assets when you pass. You can even specify that you want certain accounts closed.
Leaving a detailed Will also helps to lower the likelihood of a family dispute. Because of family dynamics and personality conflicts, it is best to have a detailed Will, so your family has less to fight about. If you die without a Will, your family will be guessing about what your final wishes were. Your Will can also include a "No Contest" clause. This means that if someone tries to challenge your Will and your wishes, their inheritance may be forfeited or otherwise reduced. Some people use their Will to support their favorite charity or other non-profit. Without Estate Planning Documents, the courts would not authorize this type of distribution.
A Will can also function as a way to outline your final arrangements and leave your funeral instructions. This is a difficult area for people to think about, but it is easier on the grieving family if these arrangements are made ahead of time. You can include instructions, information about the cemetery, burial, service and other final requests. You can also nominate someone to manage this process and follow through with your wishes.
People put off creating a Will for a lot of reasons, often until it's too late. Making your Will gives you and your family peace of mind knowing you're prepared and that your family is protected.
How Do I Create My Will ?
MyKeyDocs is an App-Based Platform that helps you create your instant DIY (Do It Yourself) Will. Whether you're in California, New York, or any State, MyKeyDocs will help you create your online affordable Will, and help you with your Key Estate Planning Documents. It's not just online legal forms; it's complete legal Estate planning documents right from your phone. So don't settle for the free online Will when you can make personalized, state-specific, and affordable Will right from your phone. All you have to do is fill in your information in our easy and intuitive questionnaire.