Answers To Finanical Questions – Will

Let’s Talk About Your Will

Benefits of a will...

1. Distributes property to your wishes

2. Names an executor to settle your estate

3. Names a guardian for minor children

A will is often said to be the cornerstone of any estate plan. The main purpose of a will is to disburse property to heirs after your death. If you don’t leave a will, disbursements will be made according to state law, which might not be what you would want. There are two equally important aspects of a will:

1. You can name the person (executor) who will manage and settle your estate. If you do not name someone, the court will appoint an administrator, who might not be someone you would choose.

2. You can name a legal guardian for minor children or dependents with special needs. If you don’t appoint a guardian, the state will appoint one for you. Keep in mind that a will is a legal document, and the courts are very reluctant to overturn any provisions within it. Therefore, it’s crucial that your will be well written and articulated, and important to keep your will up-to-date.

Letter of Instruction

A letter of instruction is an informal, non-legal document that generally accompanies your will and is used to express your personal thoughts and directions regarding what is in the will (or about other things, such as your burial wishes or where to locate other documents). This can be the most helpful document you leave for your family members and your executor. Unlike your will, a letter of instruction remains private. Therefore, it is an opportunity to say the things you would rather not make public. A letter of instruction is not a substitute for a will. Any directions you include in the letter are only suggestions and are not binding. The people to whom you address the letter may follow or disregard any instructions.

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Some Helpful Information

When you do not have a will the state will make a will for you. Each state may vary in their legal procedures for each will. The state will decide the beneficiaries and the legal wards of the children. There will also be a “state probate fee.” See the Internet for your state laws. legalzoom.com/wills…Ted Camp

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