By Faith James
Like life insurance, a Will is important for securing the financial future of your family and children.
A badly thought out/poorly drafted Will, or no Will at all, can create lasting problems for your loved ones.
Having a Will allows you to design how your assets are distributed in a manner which is ideal for you. In particular, you can provide for the welfare of your family and ensure the efficient management of your property by a trusted person, designated by you. In addition, a well prepared Will provides you with the opportunity to save income taxes utilizing available tax planning or deferral measures.
It is especially important for parents of minor children, even if they don’t have significant assets. Without a Will, the government decides who will become your children’s guardian. In order to have a say in who will care for your children—should you die before they reach adulthood—you must draft a Last Will and Testament to state your wishes.
Even adults without families can benefit from having a Last Will and Testament. Without a Will, the state will decide how to distribute your estate. Precious heirlooms, that you may wish to give to a friend upon your death, will instead be divided in accordance with Florida law.
In order to make sure that your estate is handled according to your wishes, and that your money is given to a friend, charity, or other organization of your choice, you must have a Will.
Once you have your Will, it’s also important to keep it up-to-date. If you have a new child after you draft your Will, you must update the Will to include that child, even if you wish to state that the child will receive no part of your estate. Wills can be updated an unlimited number of times. It’s only final at the time of your death. Powers of Attorney and Living Wills are useful ways to maintain some element of control over your property, and personal choices, should you become physically or mentally incapacitated.
A Power of Attorney is a legal document that gives another individual the right to act on your behalf. A Living Will allows you to set out what you want to happen if you become ill and cannot communicate your wishes about medical treatment. This can help relieve your family of the stress and anxiety associated with making serious decisions about your health. Moreover, there is no such thing as a “simple will.” Even smaller estates can have complexities only foreseeable by the experienced attorney.
The drafting of a Will involves making decisions that require professional judgment which can be obtained only by years of training, experience, and study. Only the practicing lawyer can avoid the innumerable pitfalls and advise the course best suited for each individual situation.
LegalShield understands the need for these important documents and that is why every legal plan memberships comes with the Will, the Living Will and HealthCare Power of Attorney included at no additional cost other than your monthly membership fee of just $17.00 per month. The membership covers the member, the member spouse and dependent children up to 23yrs even if away at school.
“Despite recognizing the importance of having a Last Will and Testament, as many as two-thirds of adult Americans don’t have one.
Unfortunately, failing to plan for one’s death won’t prevent it from happening. Because of that, it is important to have a Last Will and Testament.” Take the time to take care of this very important aspect in your life and the life of your family and children.
For more information, please contact Faith James, Executive Director, Independent Associate with LegalShield at firstname.lastname@example.org or call her at 612-205-6526 to put your membership in place today.