August is national Make a Will month. This is your annual reminder to make a Last Will and Testament.
A Last Will and Testament only becomes effective upon your death. With a Will, you can ensure that after you’re gone, your affairs are handled according to your wishes. This may include (1) directing where and to whom your estate will go after your death, and under what terms; (2) making the administration of your estate easier for your heirs; (3) choosing who will administer your estate; and (4) appointing a guardian for your minor or disabled children.
A Will can also contain a provision permitting the executor to probate your estate without posting a bond. Without a Will, the administrator will have to go to the added expense of posting a bond, based on the value of your estate.
A Will can also include trust provisions, to provide added protections for the disposition of your estate. For example, if you have minor or young adult children, consider a trust in which those children only receive distributions when they reach certain ages. If you have a disabled child, you might consider a special needs trust to protect the child’s eligibility for public benefits, such as Medicaid or Supplemental Security Income. If you have a married child and you are concerned about the stability of his/her marriage, you might consider a trust to protect that child in the case of divorce. If you have a child with gambling issues, you might consider a trust to protect that child’s distribution from creditors.
Without a Will, your probate estate passes by the laws of intestacy, sometimes with unexpected results.
For additional information concerning Estate Planning and Last Wills and Testaments visit:
https://vanarellilaw.com/estate-planning-administration/
Call 908-232-7400 or click here to contact us today!