Why Do You Need A Will and Testament?
Your will and testament is the legal document that determines the distribution of any assets in your name. When creating a will, you will determine an executor who will manage your estate until it is fully distributed. In order for your will to be complete, you and two disinterested witnesses must sign and date the document. Once your will has been completed, we recommend storing it in a secure place, and distributing copies to any party of your choosing.
In addition to distributing your personal property and assets, a will and testament can also determine a personal guardian for any minor children, should both parents pass or become unable to take care of them. This guardian will be responsible for taking care of the children until they become legal adults.
There are a few things your will cannot or will not do:
- Determine funeral plans
- Leave property held in joint tenancy
- Distribute any assets in a living trust
- Distribute any assets in a life insurance plan, pension plan, individual retirement account, or other retirement plans with a named beneficiary
A properly written will and testament ensures that your assets will be given to your chosen loved ones. Leaving a will and testament gives your family the tools to protect you and your assets. Your will must go through the process of probate, which uses the courts to divide your property. Without this document, your assets will be distributed according to your states’ rules. This is referred to as intestacy, and could mean that your assets might not go to the people you would choose.
Don’t leave your family in the dark! Contact the Gordon Law Group to draft and execute your last will and testament today at 615-649-0401.