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A will is a legal document that outlines how you want to divide your assets when you die. Only three out of five Americans over age 45 have a will, but it’s a critical document for everyone to establish. A will helps avoid disputes among family members and ensures a person’s loved ones carry out their wishes when they’re gone.
When you establish a will, you’ll need to designate a person to be the “executor” of your estate. In this role, the person will administer the distribution of assets and allocate your possessions as you specified.
As the “testator” of your will, you’ll also need to establish the following:
If you pass away before establishing a valid will, you’ll become intestate. In other words, your state’s laws will determine who inherits what from your estate. A judge will appoint an administrator, who could be a stranger to your family. That person will follow the laws to make decisions about your assets – and those decisions may not agree with your wishes or what’s best for your heirs.
That’s why establishing a will is important. You’ll have the peace of mind knowing exactly what your loved ones will receive when you pass away.
You should periodically review your will to make sure it is still relevant and accurate. Life-changing events, such as the birth of a child or a marriage, may require amendments to the original document.
At Bort Law, our team understands the importance of establishing a will with custom instructions to carry out your specific wishes. We are dedicated to understanding our clients’ unique goals and wishes and coming up with the best plan possible.
Contact Bort Law to discuss the next steps for establishing a will. We’ll get you started on the right track.