Last Will And Testament
Seems like everyone says that "you need a Will". But is making a Will something you really need to do? The article below examines the question and gives a straight answer. More informative articles, ebooks, and forms on Making A Will, Last Will, and Last Will And Testament are linked to www.LastWillAndTestamentSite.com.
Is Making A Will Really Necessary?
The answer depends on your situation.
1. If you have minor children, the answer is Yes!
You definitely need to make a Last Will And Testament if you have minor children. There are two reasons: first for your children's benefit and second for your Spouse's and your own benefit.
A Last Will is the only way, if something fatal occurs to you, that you can say who will raise your children and who will take care of property left to your children. Are there family members or friends that you want to raise your child? Are there family members that you do not want to raise your child? You know, after your death, you cannot say who you want to raise your children. You must say it before you die and the only way to say it and have it legally enforceable is by making a Will.
Upon your death, will your children inherit money or other property? Do you have life insurance that will be paid to them? If yes to either question, you need a Last Will And Testament to say who will take care of the money and other property for your children and how the money or property can be used. Minor children cannot hold money and property. A trustee must hold it for them until your children reach an age set by state law (normally 18) or an age set by you in your Last Will And Testament. Also, unless your Last Will says differently, state law will say how the money or property is to be used. The only way for you to say who will take care of the money or property for your children and how the money or property is to be used is to say it in your Last Will before something fatal occurs to you.
You need to make your Last Will And Testament for your children's sake, but you also need a Last Will for your and your Spouse's benefit. Most states have laws which give property to both a Spouse and children if someone who dies does not have a Last Will And Testament. To protect a minor child's interest in property, most states also have laws that require Court approval before the property can be either sold or mortgaged. This can affect you, the surviving parent. If you need to sell the property or get a loan on the property, you will need to pay a lawyer, go to Court, and get the Court's approval. You will then need to account to the Court each year for the money that your children receive. A Last Will And Testament giving all property to your Spouse or authorizing your Spouse to sell or mortgage property will eliminate this problem.
2. If you own property, you probably need to make a Last Will And Testament.
Your Last Will And Testament is the only way you can say who is to receive your property after your death. If you want to leave certain property to certain people, you must make a Last Will. Every state has laws which say who will receive your property when something fatal occurs to you and you do not have a Last Will. Your state's laws may give your property to the people you want to receive it or they may not. Also, state laws can change. The laws could give your property to the people you want now, but the laws can change and give your property to other people in the future. It is best for you to make a Last Will And Testament and put your wishes and desires in writing so that people will know what you want.
It is important for you to beware that there are some specific types of property that pass to others according to state law regardless of what your Last Will And Testament says.
3. If you do not own property and you do not have minor children, you may still want to make a Last Will And Testament.
The main reason for making a Will is to say who you want to receive your property and who you want to raise your children if something fatal occurs to you. If you do not own property and you do not have minor children, you may still want to make a Last Will in case you have property or children in the future.
Also, if you have unique desires or wishes in the event of your death, you may want to make a Last Will And Testament and state your wishes and desires in it. Some desires such as wanting to be cremated, have a certain type of funeral, or being buried in a certain place can be stated in your Last Will. However, your funeral could take place before your Last Will And Testament is read. Therefore, it is best to tell your family and/or close friends of your desires as well as stating them in your Last Will.
In summary, making a Will is not legally required. However, making a Will is necessary if you want to have your say in who gets your property and who raises your children.
The above information is general information only. For specific questions or clarification, contact a lawyer licensed in your state.
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