3 Essential Things to Know About a Last Will and Testament

Do you have a will? If not, you are not the only one. Approximately 60% of Americans do not have a last will and testament. Having a will is vital, though, and it is not hard to make one. You will have to visit a law firm that offers estate and trust services, and the lawyer will explain some essential details about wills while you are there. Here are three crucial things the lawyer will discuss during this visit.

1. The Purpose of a Last Will and Testament

The first thing the lawyer will explain is what a last will and testament is, as well as its purpose. A will is a legal document that explains how you want to divide your assets when you die. The primary purpose of a will is to leave instructions to your family about your things. You can state who receives your things and many other vital details. Having a will is crucial if you want to prevent challenges with your assets after you die.

2. The Results of Not Having One

Most people do not understand how things get divided after a person dies. As a result, many do not understand the necessity of a will. If you die without a will, your family will have to go to court to settle your estate. The court will review all the details of your estate and decide who gets your things. If you did not want someone to receive some of your assets, you would have no control over it if you die without a will. Your attorney can explain more advantages of having a will. 

3. The Details You Can Include 

Finally, your lawyer can explain what details to include in your will. You can include a few details or many, and your lawyer can help you decide what you need to write in yours. The main thing to add is the names of your beneficiaries. The next vital thing to include is the way you want your assets divided among these individuals. Along with these things, you can include other details, such as your preference for burial or cremation. If you have young kids, you can include details about them such as who will be their legal guardians if you pass away.

If you do not have a will, you should consider making one. You can learn more about this by scheduling a visit with an estates and trusts attorney.