What is a Last Will and Testament?

A last will and testament is an important part of your estate plan, which can make life exponentially easier for your loved ones as they carry out your last wishes and distribute your assets. This legal document clearly defines how your assets should be distributed and your last wishes carried out.

Loraine Law Center, LLC offers virtual estate planning options for clients anywhere in the state of Missouri. Call or text us today at (573) 995-4077 to get started! We are open 7 days per week.

A last will and testament is a legal document that you have probably heard of before. It’s common to hear people talk about “getting their affairs in order” by speaking with a lawyer about their will. But what does that really mean?

For the average person, a last will and testament is a way to provide clarity for the loved ones that are tasked with distributing your assets or carrying out your last wishes. Many of us do not have complex estates and simply want to leave instructions for our loved ones to alleviate stress in carrying out our last wishes.

How Does the Process Work?

The process of creating a will starts by calling Loraine Law Center, LLC at (573) 995-4077 to schedule an appointment with Mr. Loraine. In that appointment, which can easily be conducted virtually, Mr. Loraine will gather information regarding your assets, how they are titled, and how you wish to distribute your assets and personal property. The documents are then generated by Mr. Loraine and sent directly to your email or mailed to your door.

A last will and testament will often include a specific bequest and a residuary bequest. A specific bequest may be that you give your cherished diamond ring to your daughter, Katy. And a residuary bequest would be a bequest of the residuary, or remaining portion of your estate which is not a specific bequest, meaning a percentage or portion of your remaining estate would pass to a specific person. For example, 50% of my estate is to pass to my son, Jon.

The last will and testament appoint an Executor. The Executor is responsible for carrying out the final wishes of the testatrix (you). This is commonly a spouse or responsible child. The executor is also typically responsible for making end-of-life arrangements such as a funeral.

As mentioned above, the creation of a last will and testament is a vital part of your estate plan because it clearly defines where you want your assets to go and does not leave your family in a state of uncertainty or lend itself to arguments over the distribution of assets.

When Should I Create a Last Will and Testament?

It is absolutely critical to have your last will and testament created as soon as you can. In order to execute, or sign a last will and testament, you must be competent. This means you must not be currently suffering from a mental defect caused by accident or illness. Unfortunately, we do not know what the future will bring, so it is paramount to have protections such as a last will and testament will in place before it is too late.

Loraine Law Center, LLC can consult with clients virtually and serve clients anywhere in the state of Missouri. Do not wait to protect the distribution of your assets, call us today at (573) 995-4077. We are open 7 days a week to better serve our clients!

The post "What is a Last Will and Testament?" appeared first on Loraine Law Center, LLC.

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