The Last Will and Testament is a legal document that specifies the manner in which you would like your assets to be distributed after death. There are a number of other benefits a will can provide as well. For example, in Nebraska, the Will is the only place to direct who shall care for your children following your death.
If you were to pass away without a Will, your assets would be distributed by way of intestacy. Intestacy is the law that governs how your assets would be distributed if you were to die without a Will. While intestacy may appropriately distribute assets for some, it does not take into account the unique structure of the family and friends in your life. There are also often high costs involved with administrating the estate of a person who dies intestate. Those costs are paid directly out of the estate, depleting the gifts that pass to the intestate distributees.
A validly executed Will avoids many of these hassles, giving your heirs peace of mind in a time that can be very sad, hectic and stressful. Your loved ones will feel comfortable knowing that your estate has already been planned and prepared. Further, the Will allows you to appoint the appropriate person to administer, or execute the distribution of your assets. It allows you to appoint your spouse, parent, sibling, or anyone else you would feel most comfortable handling the distribution of your assets.
The Will can serve to distribute your assets in a more complex way as well. In a situation where you would like to provide for the education of your child or grandchild for example, the Will can work to create a trust that will provide for payment of those expenses as the distributee needs them. Setting up a trust allows you to have more control over how you would like your gift to be used, and can even be set up to protect the gift from any creditor claims against the distributee, guaranteeing your gift to be available to be used as you intended.
Executing a Will is a simple, inexpensive way to provide comfort and peace of mind regarding the distribution of your assets following death. McNamara Law Firm, PC, LLO can design an appropriate estate plan, individually tailored to your unique situation and needs.