Many people ask, “Why do I need a Will?” While the reason for having a Last Will and Testament will vary depending upon one’s stage in life, the simple answer for why you (and everyone else) need a Last Will and Testament is because it ensures that your loved ones (or whomever else you wish) receive the assets you wish to leave them in the event of your death. Additionally, it allows you to appoint a person whom you trust to tie-up your affairs after your passing. If you are like most people, you probably do not know where to start when it comes to learning more about Wills then keep reading. If you have questions about drafting a Will, or any other estate planning matters, contact you Athens GA Estate Planning Lawyer today.
What is a Will?
Last Wills and Testaments, commonly referred to as a “Will” is a legally binding document that details your wishes pertaining to the distribution of your assets, and your children if they are under the age of majority in your state.
Why do I need one?
As previously mentioned, drafting a Will allows you to dictate the distribution of your assets upon your death. Your assets include, but are not limited to, any real property you may own (a home), money in your bank accounts, retirement accounts, life insurance, vehicles, jewelry, furniture, and family heirlooms you may own.
For those who have minor children having a will is of the utmost importance. Your Last Will and Testament will dictate whom you wish to be the guardian of your children upon your passing. If you have minor children a simple Will just will not do; you require a Will with a Testamentary Trust. The terms of the testamentary trust ensure that your children do not inherit your assets until you believe they are old enough and mature enough not to waste them. For example, most parents do not want their eighteen-year-old child inheriting valuable assets, knowing full well that the child is likely to waste their inheritance on a fancy car, parties with friends, etc. However, most parents are willing to let their twenty-five-year-old child inherit assets. A testamentary trust can prohibit your eighteen-year-old child from inheriting your assets, and instead, protect those assets from the self-indulgence of youth until a point-in-time when you believe your child will act responsibly. Not to worry, though, the assets, while held in trust, are available to pay for your child’s health, education, maintenance, and support. Not all lawyers draft a Will with a Testamentary Trust, so be sure to contact your Athens GA Estate Planning Lawyer today to ensure your documents are sufficient.
The estate planning attorneys at Fargione, Thomas & McRae – Classic City Legal is here to help you with any of your estate planning needs. If you’ve been thinking about having a Will drafted, call our office to schedule your free consultation. During your free consultation, you can ask any questions you may have so that you can feel comfortable having a Will drafted. Call our estate planning experts today: 706.546.0999.