One of the best things you can do to protect your family and loved ones from unforeseen circumstances is to write a will. A will is a legal document used to distribute personal property, real property, money, and particular items of the deceased to intended beneficiaries. A will can also be used to prevent items of family or sentimental value from being sold in the estate administration process. It allows you to name an executor who will administer your estate and see that all the provisions and stipulations of your last wishes are carried out in an orderly fashion.
Other benefits of having a will include:
-It is only through making a will that you can choose individuals you trust to act as your own personal representatives, who will take charge of your estate, wind it up and distribute it according to your wishes.
-With a will, you may make arrangements for the guardianship of any dependent children and so ensure that they are cared for as you would have wished.
-Many people also use their will to give specific instructions for their burial, cremation, or possibly for the donation of organs for medical research.
-A will also can avoid tax consequences that may result in its absence. A properly prepared will can greatly reduce estate tax liability.
-A will can save your family from the burdens of intestate distribution procedures and avoid family disputes
To learn more about Wills and Estate law, visit https://uslegal.com/willsandestates/.
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Law and Legal Definitions
When used in regard to a person, intestate means not having made a legally valid will prior to death; when used in regard to property, intestate means not effectively disposed of by a legally valid will.
A decedent’s estate is the property in the aggregate of a deceased person. If a decedent died intestate, then the decedent’s estate is wholly intestate. If the decedent died testate and the decedent’s will effectively disposes of all the decedent’s property, then the decedent’s estate is wholly testate. If, however, the decedent died testate, but the decedent’s will disposed of less than all of the decedent’s property, then the decedent’s estate comprises both a testate estate, which is distributed in accordance with the decedent’s will, and an intestate estate, which is distributed in accordance with the applicable state’s law of intestate succession.
For more legal definitions, please visit our free online legal dictionary at http://www.uslegalforms.com/legaldefinitions/.