Last Will & Testament
A thoughtfully crafted last will and testament ensures your intentions get carried out upon passing – alleviating stress for grieving beneficiaries struggling with not only devastating loss but wondering what directions you would have wanted. Significantly, a valid will also helps sidestep the public, expensive, prolonged process tied to probate which applies whenever someone passes away intestate without these fundamental provisions established.
You retain flexibility to name a trusted, responsible Executor to oversee carrying out your intentions outlined within the will. Additionally, explicitly stating beneficiary designations for any specific personal property or residual estate assets gives clarity regarding distribution preferences rather than leaving open for interpretation or dispute later on. Updating named beneficiaries likewise prevents non-probate assets like life insurance and retirement accounts from becoming entangled within the court supervised settlement process.
Every adult over age 18 should establish fundamentals like a legally binding last will and testament well before such documentation gets thrust upon overwhelmed family grappling with tough decisions during emotionally strained times. Putting these thoughtful estate planning essentials in place now before situations outside your control force crisis reactions later on helps properly prepare all involved.