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Friday, January 29, 2021

What Can You Accomplish with a Will?

A Last Will and Testament, simply referred to as a “will,” is probably one of the most notable estate planning tools. Most people know the basics of a will and think of it only in terms as a way to tell everyone else who you want your property to go to after you die. While a prominent part of the will, there is so much more that can be accomplished by a will and people should know about this as they consider the importance of estate planning.

What Can You Accomplish with a Will?

Yes, a will, as many people know, can outline how you with your property to be distributed upon your death. Did you know, however, that this means all different types of property can be accounted for in a will? You can leave directions as to your financial assets and your physical assets. You do not just need to consider the distribution of expensive items and assets, but those that may hold a great deal of sentimental value. Provide directions in your will as to who you want these items to go to as well. You can also give directions for how your digital assets should be handled and distributed. With so many people creating on digital platforms, trading currency on virtual platforms, and storing pictures and videos on digital platforms, providing for your digital assets may be more important now than ever before.

A will also allows you to name the personal representative of your estate. This person will play a critical role in the management of your asset after you pass away. He or she will be responsible for managing and protecting your assets, paying all legitimate creditor obligations, and, eventually, overseeing the proper distribution of your assets. The ability to select your personal representative is powerful. It gives you the opportunity to personally select someone you trust to handle such an important role.

Speaking of important roles, a will can also allow you to name a guardian for your minor children. Through a will, you can name a person you trust with caring for your children should you pass away while they are still minors. It gives you the opportunity to think over this important decision, discuss it with potential guardians, and make a solid, informed decision. Naming a guardian in your will allows you to control who will care for your children. Without naming a guardian, a court will make this decision for you.

You may also use a will as a pour-over will. A pour over will essentially pours your assets into a trust upon your passing. This can be a sound estate planning strategy for several reasons.


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