| A will is a legal document which determines what will happen to some or all of your property after your death. Some property will pass on to others "outside of the will". This means that your will may not control the disposition of all of your property. For example the designed beneficiary of a life insurance policy will receive the proceeds when you die, and the joint tenant on a bank account will become the owner of the account by right of survivorship. With proper estate planning you can: - Determine exactly to whom your estate will be distributed upon your death
- Determine who your beneficiaries will be and what they each will receive
- Determine what will happen if some of your beneficiaries die before you do.
- Provide that assets be place in trust for the benefit of a beneficiary who would not be able to handle the asset (such as a child, spendthrift adult, or person without sufficient sophistication to manage substantial assets). If you set up such a trust you will also determine who will serve as trustee to administer the trust and provide instructions which the trustee must follow in the administration of the trust.
- Determine who will handle the administration of your estate (including who will do so if some of your selections die before you do)
- Plan your estate to minimize taxes and the expenses of administration.
- Select the person(s) who will act as guardians for your children (acting on your behalf to raise and protect your children).
- Plan your estate to insure adequate liquidity(available cash)- to allow for the payment of expenses and still leave moneys for beneficiaries without forcing the sale of assets at a loss
Do I need a will? Most people should have a will. You may also benefit from other forms of planning, such as by having a power of attorney or living will. You can only properly decide this after consulting with an attorney who can provide you with advise on these matters. Children If you have children you should have a will to provide for a choice of person(s) to act in the place of their parents in the event both parents predecease the children. You should establish a trust for your children and provide for its proper administration according to your wishes and by your selected trustees. Executors to handle your estate The appointment of persons to handle your estate is crucial. You should appoint several alternative choices to protect against the possibility the some choices may not be able to serve at the time of your death. Power of Attorney A power of attorney is a legal document in which a person appoints another to act in his or her place. The power to act may be limited to specific matters or circumstances or may be so general that the agent may take any action that the principal could take. In estate planning powers of attorney are most often used to appoint an agent to act when a person becomes disabled and unable to make decisions on their own behalf. Without this it may be impossible to manage your assets, if you become disabled, in your best interest, without expensive legal proceedings. Living Wills A specialized medical power of attorney is needed to appoint someone to make medical decisions on your own behalf if you become unable to make decisions for yourself. You may choose to simply appoint an agent or you may also provide direction to the agent as to how the agent should act . The term living wills is often associated with decisions to remove life support systems from terminally ill patients. However, they may also be used to allow the agent to make medical decisions on your behalf which do not involve life and death. Living wills can help assure that your intentions are carried out. This can make it much easier on your survivors both emotionally and financially. What if I die without making a will If you die without a will your estate will be administered in accordance with the law. This law will determine who has the right to act as the administrator of the estate, what procedures must be followed and who will be the beneficiaries of your estate. This will most likely mean that the administration will be more difficult, costly and will most likely result in your estate being distributed contrary to the way you would want. If children are involved the courts may administer their assets for years to come. Any opportunity to save costs and taxes will be lost. Change of circumstances The birth of a child or the divorce of a person who makes or is named in a will may automatically change the legal effect of a will without you knowing of this legal effect. Even if the legal effect were unchanged you may want to plan your estate differently under the new circumstances. It is important to review your will and other documents as circumstances change(including changes in your wealth and changes relating to your beneficiaries or fiduciaries). You may also want to take into account any gifts that you have made since your last will was made, to avoid duplication to the detriment of other beneficiaries. The rights of your spouse The right of a spouse to take a share of the estate despite what the will says is important to consider not only when making a will, but also as circumstances change. For example achange in a spouse's financial circumstances may mean that the spouse's entitlement to elect against the will has changed. Changing your will You can change your will at any time as long as you remain legally competent. However you should plan your will to take into account changes in your circumstances that can be anticipated, such as the death of beneficiaries and fiduciaries, or the birth or adoption of children. Changes in the law or in your circumstances or those of others who you may choose to help may also require that you change your will. Conclusion Planning for your future and the future of your loved ones can be of great benefit. Ask your lawyer for assistance without delay. | 
