05 Jul 3 Ways to Utilize Your Last Will and Testament
From appointing a legal guardian for your kids to naming a personal representative, creating a last will and testament enables you to cover a lot of ground when it comes to estate planning. Make sure you utilize your legal document to its fullest potential by using your last will and testament to do the following:
1. Name a legal guardian for minor children.
Use your last will and testament to its fullest potential and build on your plans by naming a legal guardian for your minor children. Part of parenting is making plans. From scheduling play dates to setting up college savings funds, you meticulously make plans to ensure your children are well cared for. You plan to be there for every milestone, but what if the unthinkable happens? Have you made plans for who will step in and raise your child if you’re gone? The best way to prepare for this situation is to designate a legal guardian. A legal guardian is a person who makes legal, medical, and financial decisions for a ward. You name a legal guardian in a last will and testament. By naming a legal guardian, you can ensure your child is always well cared for, even if your best laid plans fall through.
2. Distribute your assets.
Another way to utilize your last will and testament is to use the document to distribute your assets. Your last will is customizable, so you can work with your attorney to create a plan and distribute your estate as you like. There is one drawback to using your last will to distribute your assets, however. Since your will has to be filed in probate, it’s a public document. Anyone can access it and see who you gave what. If privacy is a concern for you and your heirs, creating a trust is the better route to go when distributing your assets since trust documents are private. If you’re keeping things simple and don’t have privacy concerns, your last will is a quick and efficient route to take.
3. Name a personal representative.
Finally, you can use your last will and testament to name a personal representative. A personal representative, known as an executor in other states, is an individual you appoint to settle your estate when you die. Your representative completes a variety of tasks to settle your estate. These tasks include paying off debts and collecting, protecting, and distributing your assets. Selecting a trusted individual is the key to ensuring your estate is settled smoothly. By naming your personal representative in your last will, you can guarantee you have the right person for the job. If you don’t name a representative yourself, the court will appoint one for you. The court may appoint a candidate that you would’ve considered less than ideal. For this reason, it’s best to utilize your last will and testament and take care of the appointment yourself.
How can Boyum Law Firm help you?
Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law Firm, click here.