A Last Will and Testament is an essential document for an estate plan; however, many people delay in executing one due to common misunderstandings. A Last Will and Testament is a way to make sure your belongings and wishes are handled the way you want, even if you are not there to manage them yourself. Failing to execute a Last Will and Testament could potentially: (i) lead to your family and friends not knowing exactly what you want to happen with your assets. This can lead to confusion and disagreements about who gets what; (ii) each state has its own intestacy rules about how to divide up your belongings. The state could determine who and how much each person will receive and who will manage your estate; (iii) it might take longer for your belongings to be sorted out and given to the right people. This can be frustrating and stressful for your loved ones; and (iv) incur unnecessary professional fees to probate the estate.
Keeping your Last Will and Testament current is crucial because it makes sure your wishes are up-to-date and accurately reflect your life as it changes. As you grow older and your life changes, your preferences for who gets your belongings might change too. In addition, major events like marriage, divorce, the birth of children or the death of someone important to you can affect your decisions. An outdated Last Will and Testament might have instructions which no longer make sense or do not match your current relationships. This can cause confusion and potential legal battles. It is important to take action while you are alive in order to have control over what happens with your assets once you pass away.
Do you have a will? If not, it is strongly recommended to get one established to reflect your intentions. If it has been years since you reviewed your Last Will and Testament, this is a good reminder to schedule a meeting and get your will reviewed and updated. Contact the trust and estate attorneys in our Private Client Services Practice to schedule time to discuss updating, revising and/or addressing other estate planning strategies. We look forward to working with you. Taylor Ferrara is a Trust and Estate Attorney at Wilchins Cosentino and Novins LLP. Learn more about Taylor. Contact us.
This Article is not legal advice and should not be taken as such or relied upon as legal advice.