Wills and Estate Planning

A last will and testament (usually just referred to as a will) is something we should all have. A will is an integral part of planning for your future. However, some people shy away from the subject.  It may be difficult, or uncomfortable, to plan that far in advance. Yet adopting the mindset of “I will get to it later” does not help. If anything, putting off this crucial planning can cause significant problems for loved ones down the road.

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Planning for a will can begin with two simple questions: Who will have what I leave behind, and who will make sure my wishes are followed?

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It can be easy to tease ourselves that we won’t leave behind anything that someone else would want. Yet if you have loved ones, taking this seriously now can spare them of further challenges and help provide closure and comfort during a very difficult time.

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The people you want to inherit your estate are called beneficiaries. It is important to specifically name each beneficiary and his or her share of your estate. It may be just as important to specifically name the people you wish to exclude from your estate. If there is someone you want to leave out of your will, simply omitting his or her name may not be enough.  This can help to avoid a costly will contest that can quickly drain large sums from the estate.

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Determining who will be responsible for managing your estate is the second essential piece of a will. The person you appoint to handle this responsibility—called an executor—needs to be someone who is both capable and trustworthy. Appointing an executor also helps to prevent possible disputes among family and friends if they would otherwise disagree about who should be put in charge of your estate.

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If you have a child, there is third and no less crucial question that must be answered. If you die when child is under the age of 18, and the other parent is unavailable or has predeceased you, who can take your place? Having a verbal agreement or understanding with a family member may not be enough. Your will is where you appoint the guardian of your child. This could be an aunt, uncle, grandparent, or anyone else who you know will care for and love your child as if the child was their own. If a guardian is not named in advance, this could lead to a dispute among family that leaves the child caught in the middle.

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When a child under age 18 is the beneficiary of a will, the child’s inheritance is held in trust until reaching the appropriate age. The person who is responsible for that child’s inheritance is called a trustee. However, assets can be held in trust for a beneficiary, regardless of age, for as long as you wish. Parents often arrange for a trust to last until the child is older and, hopefully, more mature. Often the age of final distribution is 23 or 25, but the trust can be distributed in whole or in part at whatever age you deem appropriate.

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The above is only a brief summary of the considerations that go into planning for your last will and testament. To get a better understanding of this process, especially about how it applies to you and your wishes, contact the Law Office of Christopher C. Pine by phone, email, or text message to set up a consultation.