What Is the Purpose of a Last Will and Testament?
There are many things to consider when drafting a last will and testament. (What is the mental capacity necessary to sign a Will?) I have provided a short list below as examples
1. Personal Representative: A Personal Representative (aka Executor) is the person who you have chosen to be responsible for administering the will (What is a Last Will and Testament?). For example, the personal representative will distribute any and all assets to all beneficiaries listed within the will. This is only one of many responsibilities this person is in charge of doing. This is why it’s very important to choose someone who you can trust.
2. Guardian: A Guardian is the person who you have chosen to be the legal guardian of any minor children that you leave behind after your passing. Although it is ultimately up to the courts to appoint a guardian for your children, the courts will take into consideration who you have selected. It is extremely important to choose someone who responsible enough to care for your children. Maybe it’s a relative or dear friend who you have known for a while who shares the same values and morals, and is will to take this responsibility.
3. Trustee: This is the person who will be responsible for handling the monies you have left behind for the benefit of trust’s beneficiaries. e.g., your children, grandchildren, etc. The monies can come from bank accounts, life insurance policies, and stocks/bonds, etc. This person should be financially responsible. It should be someone that has their own financial affairs in order, which can be demonstrated by the decisions they have made regarding their finances. It should be somewhat evident.
4. Disinheritance: Although this provision is optional, it can be used in the instance that you would like to make sure a certain family member (or friend) does not receive anything from your estate. For example, even though the will states who is to receive from your estate, it does not prevent someone from contesting the will or contesting the right to receive assets from your estate. If you suspect that someone will be there ready to fight for piece of your estate at the time of your passing because they think they’re entitled to assets, you should consider adding this provision along with their name, in order to make sure your beneficiaries, personal representative, and the courts know that you don’t want this person to receive anything.
5. Burial/Cremation: In this provision you will state if you want to be buried or cremated, and how it will be handled and by whom. This includes any church services, cemetery location, whether or not you want a private funeral service, and so much more.
These are just some of many things to consider when drafting a will. It is important to think about who the people will be who will take a role in your will, and how they will fit in this new role.
What if I Need More Information?
If you have any questions about Estate Planning or would like a free consultation, please call the Law Office of Gadiel A. Espinoza, PLLC at 813-897-0295 and speak with Attorney Gadiel Espinoza.