What is a Will?
A will is a legal document that contains a person’s final wishes. Use them to distribute personal property, such as your car, sentimental items your parents gave you, or even family photos. They also allow you to distribute real property, such as your house.
Why a Will?
There are some important reasons why you would want to create a will.
Be the Decisionmaker
It lets YOU be the person to make decisions on what happens to your assets and possessions. Since you are the person making those decisions, it minimizes any chances of family fights or disagreements afterwards.
A will lets you appoint an executor—sometimes called a personal representative—to carry out your wishes. An executor has a significant role, so you will want to make sure it is a person you can trust.
If there is a cause or charity that is near and dear to your heart, a will lets you make one last contribution to what you believe in.
If you have children, a will can let you decide who should take care of them after you are gone. Since caring for one or more children is an important undertaking, it is wise to discuss this with the intended caretaker before you ask your attorney to include them in the will.
Myths About Wills
There are some common misunderstandings about wills. We want to make sure that the record is set straight. First, a will is not set in stone. If you are alive and of sound mind, you can change the will as your life circumstances change. Consider it a living document that stays alive as long as you are.
Also, you do not have to be an elderly person to have one. Unfortunately, nobody can guarantee that we will live to see another day, which is why you should not wait for wrinkles to set in before talking to your attorney about a will.
Finally, wills are not reserved for the super-rich either. Anybody can and should have a will regardless of their tax bracket. If you want any desire to have a say in what does or does not happen to your estate and property after you are gone, make sure to talk to an EDS attorney today!