Estate Planning – Part 3 – Do I need a Last Will and Testament?

Do I need a Last Will and Testament?

YES! Every person should have a Last Will and Testament (“Will”). No matter how many assets you have or what your net worth is, every person should have a Will because your Will appoints a person to wrap up your affairs. Even if there are few assets to distribute, you will save your loved ones the cost and time of applying to the court to be appointed as your Personal Representative.

A Will takes effect on death, which means you can always change your Will during your life, so long as you are competent. In the Will you appoint a Personal Representative, which is called an Executor or Estate Trustee, who will be responsible for gathering and distributing your assets.

When Executing a Will, there are formal requirements which must be followed, or your Will may be found invalid, and your wishes may not be carried out on your death. We strongly recommend you execute your Will with a lawyer because of the strict formal requirements and what is at stake if your Will is found invalid.

After executing your Will, put together an inventory for your Executor including all bank accounts, real property, passwords to accounts, and any other valuable assets. Keep this inventory up to date to help make the job of your Executor as easy as possible.

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