A will (also called a “last will and testament”) is perhaps one of the most important legal documents you will ever sign. Your will essentially speaks for you at death, making clear your intentions with respect to several critical decisions.
First, you pick beneficiaries who will receive the assets you owned at death. You are limited only by your imagination at structuring gifts and choosing beneficiaries. This is your chance to leave a lasting legacy.
Second, you spell out your final arrangements. Do you wish to be buried or cremated? Would you like any particular religious service? Use your will to make your wishes clear.
Third, you appoint an “executor.” This is the person (or company) whom you want handling the assets you owned at death (and any debts), making sure your assets pass to your chosen beneficiaries.
Fourth, you can use the will (and only the will) to appoint a guardian for any minor children. Who is going to raise your children when you pass away? Use the will to answer that very important question.
Lastly, you can use a trust built inside your will (called a “testamentary trust”) to provide long-term asset management for younger beneficiaries or those with special needs. In this trust, you appoint a “testamentary trustee” who will oversee management of the assets you placed in the trust for as long as you feel is necessary to protect those assets.
Statistics show that nearly 70% of Americans don’t have a will. The fact that you are reading this is a good sign. Don’t be in this majority. Have a plan. Make a will. We can help. Call us at 804-658-3873 or email us at email@example.com to set up a consultation.