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The Benefits of a Last Will in myLifeAD
Who should use a Last Will?
Anyone should use a Will over the age of 18 to help avoid potential disputes or confusion regarding their estate. A Will is especially important for parents with minor children as it will allow them to appoint a guardian and have a say in how their children will be raised.
How do I write a Last Will?
Creating a Last Will isn’t difficult. Whether you decide to use the myLife A.D. template to create your Will or visit a lawyer, you should be prepared to address the following:
Who is the Testator?
The testator is the person whose property will be distributed upon death – that’s you. Female testators are often referred to as the testatrix.
Designate a Beneficiary
A beneficiary is a person or organization who will receive a gift under your Will. Designating a beneficiary allows you to control who will receive your property after you pass away and help avoid any confusion or disputes. According to a pre-determined formula, if you don’t specify and heirs, the courts will distribute your estate among your surviving family. In that case your friends or charities would receive nothing.
Name an Executor
An executor is the person who will administer the Will according to your written terms and is sometimes referred to as a personal representative. You should choose a trustworthy and responsible person for this vital task.
Provide for Children and/or Pets
If you have children who are still minors, you should name a guardian willing to care for them. You may also choose to set aside funds specifically for the care of your children or pets.
Review and Sign
If you have completed your Will, it’s essential to carefully review the document to ensure that it is free of errors and accurately reflects your wishes. Once you have verified the Will is accurate, you must sign the document according to the laws of your state. Get your Will notarized to limit the likelihood of being contested.
Can I give away all of my property in a Will?
You can give away most, but not all, of your property in a Will. Typically, the following cannot be given away in a Will:
- Life insurance
- 401(k) plan assets
- Pension plan assets
- Retirement plan assets
- Annuities
- Property held in a trust
- Matrimonial home held jointly
What is the best way to create a Will?
The best way to create your Will depends on your personal circumstances. Since myLife A.D. platform has been carefully drafted by lawyers and is ready to be customized, myLife A.D. is ideal for anyone looking to create a strong, legally binding Will from the comfort of their own home. Since Wills need to be periodically updated, myLife A.D. makes it easy to review your Will at any time because your work is saved in our template.
Anyone should use a Will over the age of 18 to help avoid potential disputes or confusion regarding their estate. A Will is especially important for parents with minor children as it will allow them to appoint a guardian and have a say in how their children will be raised.
Creating a Simple Will isn’t difficult. Whether you decide to use the myLife A.D. template to create your Will or visit a lawyer, you should be prepared to address the following:
Who is the Testator?
The testator is the person whose property will be distributed upon death – that’s you. Female testators are often referred to as the testatrix.
Designate a Beneficiary
A beneficiary is a person or organization who will receive a gift under your Will. Designating a beneficiary allows you to control who will receive your property after you pass away and help avoid any confusion or disputes. According to a pre-determined formula, if you don’t specify and heirs, the courts will distribute your estate among your surviving family. In that case your friends or charities would receive nothing.
Name an Executor
An executor is the person who will administer the Will according to your written terms and is sometimes referred to as a personal representative. You should choose a trustworthy and responsible person for this vital task.
Provide for Children and/or Pets
If you have children who are still minors, you should name a guardian willing to care for them. You may also choose to set aside funds specifically for the care of your children or pets.
Review and Sign
If you have completed your Will, it’s essential to carefully review the document to ensure that it is free of errors and accurately reflects your wishes. Once you have verified the Will is accurate, you must sign the document according to the laws of your state. Get your Will notarized to limit the likelihood of being contested.
Creating a Will doesn’t have to be difficult. Whether you decide to use the myLife A.D. template to create your Will or visit a lawyer, you should be prepared to address the following:
Who is the Testator?
The testator is the person whose property will be distributed upon death – that’s you. Female testators are often referred to as the testatrix.
Designate a Beneficiary
A beneficiary is a person or organization who will receive a gift under your Will. Designating a beneficiary allows you to control who will receive your property after you pass away and help avoid any confusion or disputes. If you don’t designate any beneficiaries, the courts will distribute your estate among your surviving family according to a pre-determined formula. In that case your friends or charities would receive nothing.
Name an Executor
An executor is the person who will administer the Will according to your written terms and is sometimes referred to as a personal representative. You should choose a trustworthy and responsible person for this important task.
Provide for Children and/or Pets
If you have children who are still minors, you should name a guardian who will be willing to care for them. You may also choose to set aside funds specifically for the care of your children or pets.
Review and Sign
If you have completed your Will, it’s important to carefully review the document to make sure that it is free of errors and accurately reflects your wishes. Once you have verified the Will is accurate, it is critical that you sign the document according to the laws of your state. Get your Will notarized which will limit the likelihood that it will be contested.
You can give away most, but not all, of your property in a Will. Typically, the following cannot be given away in a Will:
- Life insurance
- 401(k) plan assets
- Pension plan assets
- Retirement plan assets
- Annuities
- Property held in a trust
- Matrimonial home held jointly
The best way to create your Will depends on your personal circumstances. Since myLife A.D. platform has been carefully drafted by lawyers and is ready to be customized, myLife A.D. is ideal for anyone looking to create a strong, legally binding Will from the comfort of their own home. Since Wills need to be periodically updated, myLife A.D. makes it easy to review your Will at any time because your work is saved in our template.
When choosing a guardian, you should consider the following questions:
- Is the guardian of legal age? Your proposed guardian must be an adult.
- Is the guardian genuinely concerned for your child’s welfare?
- Does the proposed guardian have the time and ability to care for my child?
- Is my child comfortable around the proposed guardian?
- Where does the proposed guardian live? Will my child be able to adapt to the area and lifestyle?
Yes, you can provide instructions to the executor (person administering your Will) to leave money for the upkeep of your pet(s) to ensure they will be cared for. It is also a good idea to discuss any concerns regarding the care of your pets with trusted friends and family. Ideally, it would be best if you also left a spare house key with a person you trust to allow for proper care of your pets in the case of an emergency.
Yes, you can make a gift to a charitable organization in your Will.
Yes, a Power of Attorney only lets you give another person the authority to deal with your property while you are alive. Since a Power of Attorney will automatically end upon death, a Will is required to control how your estate is distributed after death.
A Simple Will is used to distribute your property after your death and cannot be used to specify what type of medical treatment you want. In contrast, a Living Will (also known as a Health Care Directive) allows you to determine your preferences for health care when you are no longer capable of giving consent yourself.
Since your Will is an important document, you should review it periodically to make sure it still reflects your wishes. Reasons you might want to update your Will include:
- Birth or adoption of a child
- You get divorced or married
- You purchase a new home or real estate
- You sell a property previously listed in your Will
- Grandchildren are born
- You move to another state
- You make a large purchase such as a vehicle or boat
- Death of one of the beneficiaries or executors
- Tax law changes
- Your financial situation changes significantly
- You want to alter a provision of the original Will
Who should I name as a guardian for my children?
When choosing a guardian, you should consider the following questions:
- Is the guardian of legal age? Your proposed guardian must be an adult.
- Is the guardian genuinely concerned for your child’s welfare?
- Does the proposed guardian have the time and ability to care for my child?
- Is my child comfortable around the proposed guardian?
- Where does the proposed guardian live? Will my child be able to adapt to the area and lifestyle?
Does a Will allow me to specify how my pets will be cared for?
Yes, you can provide instructions to the executor (person administering your Will) to leave money for the upkeep of your pet(s) to ensure they will be cared for. It is also a good idea to discuss any concerns regarding the care of your pets with trusted friends and family. Ideally, it would be best if you also left a spare house key with a person you trust to allow for proper care of your pets in the case of an emergency.
Can I make a gift to a charity in my Will?
Yes, you can make a gift to a charitable organization in your Will.
Do I still need a Will if I already have a Power of Attorney?
Yes, a Power of Attorney only lets you give another person the authority to deal with your property while you are alive. Since a Power of Attorney will automatically end upon death, a Will is required to control how your estate is distributed after death.
What is the difference between a Last Will and a Living Will?
A Last Will is used to distribute your property after your death and cannot be used to specify what type of medical treatment you want. In contrast, a Living Will (also known as a Health Care Directive) allows you to determine your preferences for health care when you are no longer capable of giving consent yourself.
When should a Will be changed or revised?
Since your Will is an important document, you should review it periodically to make sure it still reflects your wishes. Reasons you might want to update your Will include:
- Birth or adoption of a child
- You get divorced or married
- You purchase a new home or real estate
- You sell a property previously listed in your Will
- Grandchildren are born
- You move to another state
- You make a large purchase such as a vehicle or boat
- Death of one of the beneficiaries or executors
- Tax law changes
- Your financial situation changes significantly
- You want to alter a provision of the original Will
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