Will Planning Attorney
Writing a last will testament is something that most people procrastinate. After all, it’s difficult for people to talk about what might happen if their family were to lose them. But creating a last will is one of the most important things one can do for their loved ones. When a loved one passes away, the last thing their family wants to do is have a dispute about what the person would have wanted. A will can ensure the peace of mind that comes with knowing everything is taken care of.
Components of a Will
A will is a legal document where the testator declares who will manage their estate after they die. An estate can consist of anything and everything, whether or not it has any value. Below are the common terms you might see when writing out a will.
Testator – The individual writing the will is the testator.
Estate – The sum of a person’s assets including, legal rights, interests and property. These are outlined in the will.
Executor or Administrator – The person that carries out a testator’s stated wishes in the will is their chosen executor. In the event someone passes away without a will (intestate), a judge appoints an administrator to serve in that capacity.
Beneficiary – Someone designated to receive property in a will or inherit any assets.
Guardian – If the testator has minor children, they can name a guardian to care for them and outline any guidelines they would like them to follow.
Probate – This is the legal process of transferring assets in an estate to the beneficiaries.
How to Create a Will
The process of creating a will is different for everyone. Hiring an estate planning lawyer can ensure that your last will complies with state law, provides the best tax advantages for your estate & beneficiaries as well as accounts for specific requirements you request. In the event that someone disagrees with your will, it can be contested in court. Having an estate planning attorney confirm that your will is enforceable and effective is the best way to protect your assets and heirs.
Contact Wooden Law Firm, P.C.
Wooden Law Firm’s experienced estate planning attorneys can provide useful advice on estate planning strategies and creating a last will that supports that strategy. Contact us today to get started.