A Will is a legal document and it is a statement of your wishes that are to be executed when you pass away. Having a Will gives you the comfort of knowing that the rewards of your life's work will be distributed and managed according to your wishes and will save your loved ones a large amount of money and stress.
Wills can distribute your property, name an executor, name guardians for children, forgive debts and more. Having a will also means that you, rather than your state’s laws, decide who gets your property when you die.
When you die without a will or other estate plan, state laws known as "intestate succession laws" decide which family members will inherit your estate and in what proportion. In most states, your spouse, children, or parents take priority under intestate succession.
Most people want to distribute their property differently than the state would distribute it. For example, many people want to leave gifts to friends, neighbors, girlfriends, boyfriends, schools, or charitable organizations – and intestate succession does not allow for any of that. If you want other people or organizations to inherit some of your property, or if you want to decide the proportions of your gifts, a will can make sure your wishes are followed.
Central to most wills is the distribution of a will maker’s property. But a will can do much more than that. For example, you can use your will to:
- name an executor to wrap up your estate
- name guardians for your children and their property
- create trusts for your children or other young beneficiaries
- forgive debts, and more.
For more information visit http://www.lawweek.com.au/
