One of the first things people in Arkansas think about when it comes to estate planning is a will. Many don’t understand what’s covered by a will and why it’s so important. This is how it works and why you need one.
Understanding your last will and testament
A will, formally known as a last will and testament, is a vital estate planning document that lets you decide how your estate should be handled when you die. Although many people put off creating a will while they’re still young, it’s better to have one earlier because of life’s uncertainties.
Reasons to have a will
In your will, you can name beneficiaries to your estate, define who should receive which assets and outline any charitable gifts that you want to leave. You can also prevent certain family members from receiving a share of your estate.
Your will is handled by an executor, a trusted person who you appoint to ensure that all the terms are followed. This could be your spouse, child, sibling, close friend or even an attorney or financial professional.
If you have minor children, your will allows you to name guardians for them should you pass away when they’re still young. You can do the same thing for your pets if they outlive you and designate funds that are meant to go toward their care.
Your last will and testament can also help expedite the probate process. Without a will, probate is much slower, which means that your heirs would have to wait a much longer time before they could receive their inheritance.
Having a will as part of your estate plan is crucial. It can make things easier for your family.