Provisions that Should Always Be Part of Your Last Will & Testament
When it comes to developing a Last Will & Testament, or an estate plan overall, there are several things that you need to consider. This process is something that can seem overwhelming for many people which is one of the leading reasons why so many put it off for such a long time. However, when you have the right type of guidance from experienced estate planning attorneys, you can take comfort in the fact that they will provide you with the insight and information that you need to make informed decisions when it comes to the provisions that should be in your Last Will & Testament.
What is a Last Will & Testament?
A Last Will & Testament is a document that highlights how you would like any assets that you may leave behind after your death be distributed to beneficiaries. A beneficiary is a friend, family member or even a charity that you would like your assets to pass to following your death.
Details That Should Always Be Part of Your Last Will & Testament
There are several provisions that should always be in your Last Will & Testament. Taking this step will help to ensure that your estate is administered without any issues and provide you with a certain level of peace of mind regarding how the assets of your estate are left. Here are just a few examples of provisions that should always be part of your Last Will & Testament:
• Naming of an Executor
An Executor is an individual who will oversee and manage the settling of your estate after you pass away. This person will be responsible for communicating with the beneficiaries of your estate, ensuring that all of your debts are paid and distributing any assets left behind in your estate. Selecting an Executor that you know can manage these responsibilities is important as acting in this capacity is something that can be time consuming and overwhelming.
• Witness and notary section
The best way to avoid any issues with your will is to ensure that it is properly witnessed and notarized when you sign it. Unfortunately, there are many people who think that they can manage their estate planning documents on their own and this results in this document being signed incorrectly. Therefore, the Executor or beneficiaries may struggle to prove that the Will should be in force. Ensuring that the will is properly witnessed and notarize will help to move things along during the probate process.
• No contest provision
Sadly, there are several people who are in a situation where their beneficiaries may contest their final wishes for their estate. If you have these concerns, the best thing that you can do is put a no contest provision in your will. This means that if any beneficiary attempts to fight against a provision that you have in your will, they will lose any inheritance that they may have received. This provision is typically used as a deterrent and can be incredibly effective.
Schedule Your Consultation Today
If you are ready to put together a Last Will & Testament or your current will is missing certain key provisions, we encourage you to get in touch with our office and learn more about our estate planning team. We take a personal approach to estate planning and take the opportunity to get to know you and the wishes that you have for your estate plan. From there, we can help you establish a plan that will give you the comfort of knowing that your loved ones will receive the share of your estate that you want them to. Get in touch with us for an appointment today. Call 941-914-9145 to fill out our contact form and we will be in touch to schedule a meeting.
