What Are the Primary Purposes of a Will? | Monroe Township - Middlesex County
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What Are the Primary Purposes of a Will?

November 8, 2017

Filed under: Wills — Neel Shah @ 9:15 am

As the most basic of estate planning documents, most people will benefit from a will. There are a number of different goals that can be accomplished by establishing this tool and it may become the sole component of your estate plan or it may work in conjunction with other tools and strategies. First of all, your will provides for the direction of distributing your assets to beneficiaries in the family after you pass away. An attorney can be utilized to customize its provisions. 

You are also enabled to appoint a personal representative to account for your liabilities, taxes, final expenses, and assets as well as distributing your remaining assets. A will is the only way to designate guardians for your minor children. If something happens to you, a judge may still have to approve this appointment but you will have articulated your wishes. If there are any minor children, you might also establish a trust to manage assets for them in conjunction with the will. A will has to be filed in probate court in order to remain effective. This is the judicial probate as your judicial process for managing the assets to transfer them effectively if you pass away or for managing assets if you are incapacitated.

A court is responsible for overseeing the distribution of assets and payment of liabilities. Typically, an executor will need to employ an attorney. Although your will is an important component of your overall estate plan, it is not the only tool that you may wish to use. Your unique circumstances will dictate what you need to use in order to accomplish your estate planning goals and scheduling a consultation today with a knowledgeable estate planning attorney is the only way to have the peace of mind that someone is working on your behalf and that you have the appropriate tools to help you if you become incapacitated or suddenly pass away.

 

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