What is a Last Will & Testament and why do I need one?
A Will is a document that outlines your wishes and sets forth your goals for your loved ones to honor after your passing. It truly is a gift to the people you leave behind as it helps make their burden lighter with one less difficulty and hurdle to face. Your Will allows you to state who receives your physical assets, such as cars, collectibles, and jewelry, who receives your real estate and how (Directly to them? Sold and they receive the proceeds?), who takes over your interest in your business, and what is to happen with any and all other assets you may own when you die. In your Will, not only do you state these beneficiaries, but you appoint your Executor. This is the person who oversees your estate, files the necessary documents with the Register of Wills, and has the responsibility of making sure your wishes are followed out.
Without a Will, there is confusion and frustration among your loved ones as without an Executor being appointed, someone from your family must petition the Court to serve as Executor and accept this role. Not only is there no clear wish as to who you are leaving in charge, but your true wishes may not be fulfilled as without the instructions in a Will, the State in which you reside’s intestacy laws will take over. Meaning, the State laws dictate who inherits all you own, and you have no say or control over what happens.
A common misconception is that only those later in life need a Will. Wrong! Truly EVERYONE needs a Will. In fact, younger people need Wills just as much as more “seasoned” clients of ours. If those younger people have minor children, the Will gives them the opportunity to appoint the legal guardian of their children, as well as set the age for when their children would inherit any money they are leaving behind.
The beauty of a Will is that it can always be updated, and most often, needs to be updated depending on the season of life you are in. If you have never set up a Will, let us provide you with the peace of mind in having things taken care of for your families. Or, if you already had a Will in place, contact us for a review and update to ensure your wishes are still fulfilled.
For more information about creating a Last Will & Testament, call Weidman & Townsend, P.A. at 302-539-1388 in Ocean View, 302-227-7788 in Rehoboth and 302-934-3999 in Millsboro.