Many people don’t understand why they need a Will, or they simply don’t want to think about the inevitable end of life decisions. Wills are important, because having a will ensures that your legacy is secured and the people you love will be protected. Here are some frequently asked questions:
Is a Will really necessary? A Will is necessary in order to personally gift your assets to your loved ones or to designate a personal representative to handle your affairs and distribute the assets (personal property and real property to your beneficiaries. A Will is also important if you have minor children and want to designate someone to be their guardian, if both parents become deceased.
What information goes into a Will? A Will should contain specific information about the personal property you wish to leave to a specific beneficiary, which includes jewelry, antiques, vehicles, art, money in bank accounts, etc. Also, a Will should contain the specific real property you wish to leave to a specific beneficiary. By preparing a Will, you will determine and control what your beneficiaries receive, which removes any possibility of having your beneficiaries argue later on about what they are entitled to.
How long does a Will remain in effect? A Will remains in effect as long as you decide. If you are satisfied with your Will, it may remain in effect for the remainder of your life. If you wish to make changes to a Will in order to include additional beneficiaries or assets, or even just to change the name of the personal representative, you may do so.
Is the Will filed in Court? Your Will is not filed with the court during the your lifetime. The Will is only filed when a Probate case is opened after you have become deceased. Probate is the legal process by which an estate is administered and distributed, as directed by the court.
Should a married couple have a joint Will? No. Each person must have their own individual Will.