A Last Will & Testament allows you to give instructions on who will get your property after your death, appoint the person who will administer your estate, and appoint a guardian for any minor children you may have. If you die without a valid Will, your property will instead be distributed by a court-appointed administrator according to a pre-determined formula (defined in state/province law). Without a Will, you would not be able to give your property to a non-relative or to exclude relatives. If you have no Will and there are no relatives at the time of your death, your property will go to the state/province.
You can give away most, but not all, of your property in a Last Will. Typically the following cannot be given away in a Will:
- Life insurance
- 401(k) plan assets
- Pension plan assets
- Retirement plan assets
- Annuities
- Property held in a trust
- Matrimonial home held jointly
When choosing a guardian you should consider the following questions:
- Is the guardian of legal age? Your proposed guardian must be an adult.
- Is the guardian genuinely concerned for you child’s welfare?
- Does the proposed guardian have the time and ability to care for my child?
- Is my child comfortable around the proposed guardian?
- Where does the proposed guardian live? Will my child be able to adapt to the area and lifestyle?
Yes, you can make a gift to a charitable organization in your Will. Our questionnaire will help you accurately designate your gift to ensure that your contribution will be properly disbursed.
A Last Will is used to distribute your property after your death and cannot be used to specify what type of medical treatment you want. In contrast, a Living Will (aka a Health Care Directive) allows you to specify your preferences for health care when you are no longer capable of giving consent yourself.
Any person of legal age (usually 18 years of age) may make a Last Will, although an exception may be made if you are married, in the military, or have been legally emancipated. Additionally, most states require that you must be of “sound mind” to make a valid Will which means:
- You understand you are making a Will and you know what a Will is;
- You understand your relationship to the people mentioned in your Will; and
- You understand the types and amount of property you own and how you wish to distribute it
The best way to create your Last Will and Testament will depend on your personal circumstances. Since the No Cost Law Last Will and Testament Kit has been carefully drafted by lawyers and is ready to be customized with proprietary software, this is ideal for anybody looking to create a strong, legally binding Will from the comfort of their own home.
Since Wills need to be periodically updated, the No Cost Law Last Will and Testament Kit makes it easy to review your Will at any time because your work is saved when you create an account.
Yes, you can provide instructions to the executor (person administering your Will) to leave money for the upkeep of your pet(s) and ensure they will be cared for.
It is also a good idea to discuss any concerns regarding the care of your pets with trusted friends and family. Ideally you should also leave a spare house key with a person you trust to allow for expedient care of your pets in the case of an emergency.
Yes, a Power of Attorney only lets you give another person the authority to deal with your property while you are alive. Since a Power of Attorney will automatically end upon death, a Last Will and Testament is required in order to control how your estate is distributed after death.
If you marry, divorce, or have a significant change in your family situation, you should update your Will to ensure it remains valid and relevant. Furthermore, since your Last Will and Testament is an important document, it should be reviewed periodically to make sure it still reflects your wishes.