A Will is a legal document which states how the wealth of an individual will be distributed after his death. Most of your financial assets can be disposed of in a Will. A property jointly owned or a life insurance policy naming someone as a beneficiary can’t be disposed of in a Will. Preparing a Last Will and Testament is a task which demands professional expertise. The following are some of the related frequently asked questions and their answers:
What documents do I need?
If you have dependents and you are getting older, you should prioritize your estate planning matters and work towards preparing three documents: Health Care Directive, Power of Attorney, and the Last Will. Health Care Directive enables you to have someone make health care and personal care decisions on your behalf. When you become unable to communicate due to illness, there must be someone who could make medical treatment preferences for you. Power of Attorney allows you to have someone make financial decisions on your behalf when you become incapable of giving consent.
Why should I prepare a will?
Who will your wealth be passed down to after your passing? How will your assets be distributed among your loved ones? Who will be the guardian for your minor children? Who will administer your last wishes? These questions can only be answered through a Will. When someone dies without a valid Will, his or her wealth is distributed by a court. In this case, the court will distribute your wealth among your surviving children, spouse, and other relatives as specified by the law. When someone doesn’t have relatives, the wealth will go to the state rather than charity or friends.
Can I change my will?
You have the freedom to make amendments to your Last Will. It is recommended to update your Will after you go through a major event in your life. For example, when you get married or divorced; or when your wealth or property changes significantly. You can also change your Will whenever you feel the need to update some of its provisions.
Can a husband and wife prepare a joint Will?
A Mutual Will or a Joint Will is a single document that covers two people. When one person passes away, the surviving person will be in control of the Will. However, the surviving person can’t make any changes to the will after the first person dies. Mutual Wills also explain what will happen to any asset should both individuals die.
If you want to get your estate planning affairs in order, consult a financial planner who provides excellent estate planning services with years of experience. Give us a call or drop an email if you have any question regarding the Last Will and Testament. Kewcorp Financial provides estate planning expertise which includes the preparation of A Last Will and Testament.