What is a Last Will and Testament and Why Do I Need One By Lorabella At Isnare.com Ezine Articles

Many people are under the mistaken impression that a will is unnecessary for those who do not have significant assets to protect, but the truth is that everyone should have a valid will in place. No matter how much or how little you have in the way of assets it is important to provide protection for those assets and for those you will leave behind. Each of us have people that we care about, whether they be family members or trusted friends, and having a last will and testament in place can protect those family members from legal hassles and other disputes.

Having a last will in testament in place will also help to ensure that the assets you do have are distributed in the manner you desire.. Everyone has assets of some sort, and it is important that those assets be distributed according to your desires. Without a will in place those desires may go unfulfilled, even if you have spelled out those wishes verbally. Only by having a last will and testament in place can you ensure that your final wishes will be carried out.

What is a Will?

Put simply, a last will and testament is simply a legal document that allows an individual to control how his or her assets will be distributed after death. These assets may consist of bank accounts, brokerage funds, real estate and items of sentimental value. When you die these items are left behind, and a will spells out how each of the assets are to be distributed.

If you were to die without a valid last will and testament in place it will be the courts that decide how each of those items will be distributed. In many cases the distribution of assets the court determines will be markedly different from what you would have done. In order to avoid this unpleasant scenario it is vital for every responsible adult, no matter what his or her level of assets, to have a valid will in place.

Why is a Will Important?

A last will and testament is important for a number of different reasons. One of the most important is that a will provides vital legal and financial protections for the assets you have worked a lifetime to accumulate. Buying and paying for the family home all those years was certainly not easy, and a will can protect that valuable piece of real estate in the event of your unexpected demise.

Likewise it was not easy accumulating the assets that have allowed you to live a reasonably well off lifestyle. Chances are the bank accounts, stock funds and other assets you hold took decades to accumulate, and it is important to protect them well. By creating a last will and testament you can dictate that those assets be used to care for those you must leave behind.

Last but certainly not least a valid will can help prevent family squabbles and other unpleasantness. Many of us have seen this type of situation play out in our own lives when a loved one dies without a will in place and several family members lay claim to a treasured family heirloom. These family feuds can quickly turn bitter, and in many cases the damage to family unity will be irreparable. Those kinds of squabbles can be avoided simply by having a last will and testament in place. If there is any doubt about who gets what it can all be laid to rest with this valuable legal document.

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