Last Will & Testament
If you make a will, you can determine who will administer your estate, and who will benefit from your estate. You can leave specific items such as heirlooms, valuables and keepsakes to individuals, make gifts of money or property to persons or charities, create trusts to have money paid to those whom you want to benefit from your estate (the “beneficiaries”) in specific ways, and you may be able to implement some measures that reduce tax on your estate. If you have children under the age of eighteen, you can indicate your choice of guardian. Costs of administering your estate may be reduced, resulting in more money being available to your beneficiaries, and your beneficiaries may receive the amounts payable to them more quickly.
In short, by preparing a will, you can to a large degree determine how your estate will be administered and distributed, and can make things much easier for the people you leave behind. A well drafted will can prevent or lessen family conflicts about your estate, and can reduce the emotional stress on your loved ones after your death. It can often save money by reducing tax and administrative costs.