A Will is a legal document that outlines how you would like your assets (estate) distributed when you die. It names who you would like to administer your estate.
Wills have several important purposes, including:
1. Deciding the ownership of your property when you die. The most common reasoning behind making a will is in order to manage your real estate and personal property distribution. Without a will, state law will determine how your property will be distributed.
2. Naming an executor. An executor is usually a family member or close friend whom you trust who will handle your estate and distribute your assets.
3. Name a guardian to take care of your children. You can appoint a guardian to take care of your children in your will. Without a will, this choice may be left up to a Court to decide.
4. Name a trustee of assets for your children. Any property left to minor children must be managed by an adult. Through a will, you can decide how the property is to be managed until your children take ownership. In the meantime, the Trustee will be responsible for managing assets and distributing funds.
5. Provide a caretaker for your pet. A will can be used to assign a trusted caretaker for your pet to ensure its safety, and can also be used to leave some money to the caretaker specifically assigned for use for the pet.
For more information call the offices of Williamson, Friedberg and Jones at (570) 622-5933.