What Does a Will Do?

Yee Law Group Inc. > What Does a Will Do?

Having a final will in place allows people to make strategic decisions about how to provide for their families. They can also formalize decisions about specific items of personal property. Moreover, having a will enables people to make important decisions about caring for minor children, supporting adult children with special needs, or managing various guardianships. Here are some things that executing a will with the help of an estate planning lawyer, like one from Theus Law Offices, may help you achieve.

Issue Instructions About the Distribution of Your Assets

The primary purpose of making a will is to commemorate how you would like to divide any money, real property, or personal property. You can stipulate that you would like immediate family members to share an equal portion of all property. You may also elect to leave various amounts to extended family members or friends. In addition, wills may contain directives to award tangible property with sentimental values to specific individuals.                                                                                                    

Make Conditions for Distribution

It may be possible to place contingencies on your directives regarding the disposition of your property. A will may instruct that a fixed sum from the estate shall be payable to particular beneficiaries periodically instead of awarding them a lump sum. This type of contingency could help people spend responsibly and also possibly protect their inheritance from creditors.

In some jurisdictions, testators can get pretty specific and nuanced about what beneficiaries must do or not do to receive any proceeds from the estate.  For example, a testator may give someone title to a property so long as they live in it for a fixed amount of time. Ultimately, many different types of provisions establishing conditions may be enforceable so long as they do not attempt to bind beneficiaries to something in perpetuity.  

Appoint an Executor

Managing and distributing an estate may involve a substantial amount of work. Without a will, a probate court will appoint the executor.  When you select an executor, you can choose the best person you know personally or professionally to take on the responsibility.

Most importantly, wills help people care for their families. They are a way to eliminate uncertainty and provide significant peace of mind. Let a dedicated team of estate planning lawyers help you ensure your loved ones are taken care of.