WHAT IS A WILL? AND DO YOU NEED ONE?

A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be followed. Further, your heirs may be forced to spend additional time, money, and emotional energy to settle your affairs after you are gone.

To maximize the likelihood that your wishes will be carried out, create what’s known as a testamentary will. The most familiar type of will, this document is prepared by the person whose assets are being dispersed and is signed by them in the presence of witnesses. It’s arguably the best insurance against successful challenges to your wishes by family or business associates after you die

Under the Will you can transfer, via the estate, a specific asset to a person or entity such as a property to a child, a vintage car to a grandchild, cash to a discretionary trust and many more options.

A testamentary trust can be included in your Will; it is a trust that is created on the death of a person and is for the benefit of a specific set of beneficiaries.  The Will has a wide range of testamentary trust options that the Executor can create directly from the estate.

Some common questions asked when referring to Wills and Estate planning are:

  • Is establishing a Will enough to secure my estate?
  • What is a Power of Attorney?
  • I own a Business and have Business Partners, what happens if I die?
  • What happens with debts when a person dies?
  • What happens if I don’t have a will in place?

We are here to help you answer all your questions and assist you with your Estate Planning. Don’t wait until it is too late, contact us today!

Article Reference: Lightyear Docs and Gerard Wilkes & Associates

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