Last Will and Testament

Whats a Last Will and Testament and why do i have to make one?

The Last Will and testament, commonly know as a Will, is a very important piece of documentation that everyone should complete. Passing away Intestate is unfortunate for the family but great for the government. When¬†someone passes that doesn’t have a Will, all their assets that would normally be inherited by friends and family will be sold at an auction and the proceeds given to the local government.

The process of planing your will can be fairly complicated and in some cases require a lawyer but the results are highly beneficial. This process can also be fairly expensive, ranging from 300 to 1200.  When planning your estate you must appoint many different people.

  • beneficiaries
  • executors
  • back up people just in case

These people will then be in charge of all your belongings when you become unfit to handle them yourself. This is why its very important to create a Last will and testament.

 

https://www.seniorliving.com/article/importance-last-will-and-testament

4 Replies to “Last Will and Testament”

  1. Is there anyway that someone could change someone’s will after they pass? For example, imagine you leave your fishing cabin to your step son, but it’s years later and your step son and you had a falling out and no longer talk. Obviously you do not want the cabin to go to him, everyone knows this, but you are no longer here to change your will.

  2. Hi Dakota,

    Very interesting post about the importance of having a Will! I overheard my parents talking about how they need to set up their Will still just the other day and they are almost sixty years old. It would be very unfortunate if my parents were to pass away without having a Will because they own two houses, a condo in Vermont, and a boat. I wonder how much all of their assets are worth and how auctioneers decide on prices to auction off the assets at.

  3. Hi,

    I like how you took on the role of explaining the importance of a will and how everything is divide up among the family. It is very insteresting how many steps are taken in order to set up the actually will itself and how you have to hire a professional to help with that process. I wondering what the process is to change that will after a period of time? I also wondering, what if there was a fire and the home was gone, what would happen with the will? Would the money from the insurance company be then divide up? Or would a new will completely be made? Just some things to think about!

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