Last Will and Testament
We recently added a Wills Department to our firm. It seems a logical fit, since a life changing event is usually
the main reason people buy or sell their home; like starting a family, growing one, or downsizing one. These
events can mean that they have to create their first Will or simply update the one they have.
We have a dedicated team who will work with you to draft your Last Will and Testament, and then execute the
final documents. Here are few simple questions to help you decide if you need a Last Will and Testament or
perhaps need to update your existing one. We ultimately want to make sure you and your family are protected.
What is a Last Will and Testament?
A Last Will and Testament (Will) is a legal document stating how your money and property will be distributed
after you die. Most, but not all, of your property can be disposed of in a Will. The proceeds of a life insurance
policy naming someone as a beneficiary or property owned jointly with someone else cannot be disposed of by
a Will. A Will also allows you to state a preference for the guardian of your minor children.
Why do I need a Last Will and Testament?
Without one, the division of your estate becomes very complicated and can cost your beneficiaries additional
financial hardship. If you have underage children, your wishes for their care will be unknown and ANYONE
can file with the courts to gain custody. Don’t you want to make these decisions? A Will is designed to
communicate your wishes. There are a few other documents that compliment a Will. They are a Living Will, a
Medical Power of Attorney and a Financial Power of Attorney. We can help you draft these documents too.
When should I update my Last Will and Testament?
It is up to you to decide when to change your Will. You should review your Will from time to time to ensure
that it still meets your needs and that your property will be distributed according to your wishes. It is especially
important to review your Will on the following events:
- You get married or divorced (a change in marital status may void your Will);
- You are unmarried, but have a new partner;
- The amount of money and property you own significantly changes;
- You move to another state (not all states recognize out-of-state Wills as valid);
- Your executor or a significant beneficiary in your Will dies;
- There is a birth or adoption of a child in your family;
- You change your mind about the provisions in your Will.