Estate planning consists of multiple factors and elements. Such is the case with a will. It plays a crucial role in each estate plan. Without a will, it will be difficult for your family members or beneficiaries to acquire the existing estate or assets in your name. You can also contact an estate planning attorney in Ridgeland if you need legal help drafting a will.
Apart from legal supervision, there are several components in a will that you must know. Many people neglect to be aware of these critical terms, leading them and their beneficiaries to probate procedures. However, everyone over 18 must have a last will or a testament. Before moving ahead, you should know the major components of a will.
A Testator is a person who outlines or maps their assets and properties for their choice of beneficiaries. Similarly, the will includes the testator’s information like your personal details, address, marital status, and dependents.
Executor and Powers
A different person will be required to overlook your estate. Such a person is known as an executor of your estate. When you meet an attorney in Ridgeland, you will likely hear them asking you about naming an executor. An executor is also known as your executive, who will be responsible for handling the probate process. Until the court gives a verdict, the executor will temporarily be the owner of your estate and property. It will help them in transferring or distributing your estate effectively.
You should know that the executor will distribute the estate per your wishes and pay off any outstanding dues, taxes, debts, or inventory of unlisted assets. As a result, the executor will have the power to execute the transition of estate or custody.
You will be required to name guardians if you have dependents(people who depend upon you). Naming guardians might involve listing daily care, life insurance, beneficial assets, etc. You can name two guardians for dependents. One dependent can handle the physical custody while the other can handle properties and estate. Although, both guardians can play both roles at the same time.
Disposition of assets is a necessary aspect. This aspect helps people to decide or expect how they can transfer or distribute their assets. The will includes all the major financial assets like brokerage accounts, vehicles, bank accounts, real estate, jewelry, clothes, furniture, and digital assets. This section of the will plays a significant role as it clarifies the disposition of assets and estate among the beneficiaries per the testator’s wishes. In a nutshell, these four components play an essential role in the will.
Missing out on any one of the components can result in more hassle and trouble. However, you can contact an estate lawyer in Ridgeland to get started with an accurate will.