Key Choices in a Last Will and Testament?
What’s the big deal about having a Will?
The power to choose.
And what are the key choices?
With a strong Will in place, you can control what happens to your estate after your death. You get to make the key decisions about who will be managing your resources, how they will be handled, and who will eventually receive them. Completing a Last Will and Testament is a tried and tested way for you to have a plan in place – every adult should have a Will.
You can choose your Executor. In your Will, you get to choose who will be your Executor. Very often this will be a spouse, a close relative, or friend. In a way it is an honor to be chosen as someone’s Executor because that means that they trust you very much. But if you actually have to act as an Executor you realize that it is a big job that can be time-consuming, difficult, and frustrating. And there can be a lot of work to do. But your Will is the place where you can name the person that you want to handle your estate and make sure that it is managed fairly and according to your instructions.
You can choose Beneficiaries. Your Will is also the place where you identify your beneficiaries, the people whom you want to receive your estate. This can be very customized – for example, you may want to leave specific gifts or property to certain individuals. You may want to have your estate split between a class of people, like your children and their descendants. You may want to leave some or all of your estate to a charity. Or some combination of all of the above. You have a lot of options that you can fit to meet your needs.
You can choose Guardians. For many young couples, the most important reason for them to complete their estate planning is to make sure that there are specific people in place to care for their children if they were ever in an accident. Your Will is the place where you name these “guardians” for your children. In your Will you can state what your wishes are and make everything clear for your family. This is particularly important because there may be some disagreement and confusion about who would raise the kids.
Remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security through strong legal documents and good counsel. We are here to help you succeed! Contact us at: https://hillsboroughwills.com/contact