Planning for the future is essential to ensuring that loved ones’ wishes are carried out and that their family members are taken care of after they pass. This makes a will one of the most important legal documents seniors can prepare. However, when it comes to wills, there are a few things that seniors should know.
What is a Will?
A will is a legal document that specifies how assets, such as property, savings, and personal items, should be dispersed after death. It can also determine who will manage an inheritance, ensuring that the senior’s wishes are carried out. Without a written will, state intestacy rules will govern the disposal of the assets, which may not align with their personal intentions.
Why Is a Will Important?
Some seniors may wonder if they truly need a will, especially those who do not have many assets to be divided up. However, wills bring a sense of relief to family members, allowing them to focus on the grieving process. Other reasons why wills are important include the following:
- Control Over Asset Distribution: A will ensures that your assets are passed on to the individuals or organizations you care about.
- Avoiding Family Disputes: Clear directions in a will might help to avoid misunderstandings and arguments among loved ones.
- Efficient Estate Settlement: A will makes the legal procedure easier, saving your heirs time, money, and stress.
Key Characteristics of a Valid Will
To be legally valid, wills generally need to meet the following criteria:
- Legal Capacity: Seniors must be of sound mind.
- Clear Intentions: The will must explicitly say that it reflects the seniors’ ultimate intentions.
- Proper Execution: At least two people who are not beneficiaries must normally sign and witness it.
While seniors might consider drawing up their own wills or using an online platform, consulting a lawyer with experience in these matters is best to ensure nothing is missed.
What Can a Will Include?
Some seniors may wonder what can be included in wills, which is another reason why having a trusted ally in creating the will is key. That being said, the following are a few things that might be included in wills:
- Asset Information and Distribution Wishes: Property and financial assets include homes, bank accounts, investments, and personal belongings. The senior’s will should address all assets and how they want them distributed after death.
- Special Requirements: Conditions for inheritance, such as age or milestones.
- Plan for Digital Assets: In this day and age, digital assets must also be considered. These include internet accounts, photographs, and intellectual property.
- Charitable Bequests: Contributions to charities that seniors wish to support should also be included.
General Things to Consider Regarding Wills
One of the most important tasks when it comes to wills is choosing an executor. The executor is responsible for carrying out the instructions of the will. Seniors should choose someone who is trustworthy, organized, and capable of managing financial and legal issues. Additionally, once the will has been created, seniors will need to store it in a safe and accessible area, such as a fireproof safe or with their lawyer. They should also inform their chosen executor and trusted ones where it can be found.
Wills are created to protect a senior’s legacy and ensure their wishes are carried out after passing, as well as relieve stress for remaining family members. For seniors, creating a will sooner rather than later also brings peace of mind, allowing them to enjoy their later years knowing their wishes are documented.
If you or a loved one need assistance with Wills in Birmingham, AL, contact The Alabama Elder Care Law Firm, LLC today at (205) 390-0101