LAST WILL AND TESTAMENT:
Contrary to popular belief, a Last Will and Testament provides you with the ability to direct various different things that may concern you for when after you pass away. For example: Directing how to dispose of your assets. Every person has different wishes on how to distribute their estate. Some people want everything split equally and some wish to give specific personal items or amount of money to different people or organizations.
In your Will you will also decide who should be in charge of your estate- who will you appoint as Executor. If you pass away without Will, you family members will have to decide for themselves who should be appointed by the Court in an Administration proceeding {link to administration}. Unfortunately, this lack of direction is often a recipe for infighting among family members.
Appoint a Trustee/Custodian for your child’s money. If you pass away without a Will and leave a minor child who will inherit, the Court will often appoint a stranger to manage the money for your child. When drafting a Will you can direct who should serve as Trustee/ Custodian of your child’s money should the situation arise.
Appoint a Guardian for minor children. Should you pass way without a Will and leave behind minor children, unless the child has another parent, the custody of the child will be in question. By directing who should care for your child in the event your child’s parents pass away, you are serving your child well.
Save your loved one from having to post bond. If you pass away without a Will and your loved ones are left to file an Administration proceeding the Court will often make him or her file a bond, adding to the level of complication and stress your loved one will already be enduring.