We’ve all heard horror stories about families broken apart because of a poorly drafted will or the absence of one. But, it doesn’t have to be that way.
A Last Will and Testament is meant to ensure that the people or organizations you designate as your beneficiaries clearly understand what you intended. In addition to identifying beneficiaries and specifying what they will receive, a properly executed Last Will and Testament will help avoid the need for expensive or cumbersome court proceedings upon your death, makes provisions in case you die prematurely, and minimizes the extent to which Uncle Sam will be a beneficiary of your estate.
A well constructed Last Will and Testament should account for all your assets, including a provision regarding any future distributions not in existence at the time your will is written. This is sometimes referred to as a residuary clause. It provides for flexibility so that your will doesn’t have to be updated every time your financial circumstances change. Other language can be included to make sure that your will remains current despite changes in family relationships or children being added to your family over time.
A Last Will and Testament must be sufficiently detailed to make your intentions perfectly clear yet flexible enough to avoid the need for frequent updates. Preparing such a document requires the skills of an experienced attorney specializing in estate planning.
Getting Legal Help
Attorney Elga Goodman is a highly regarded and experienced estate planning attorney who has helped many families create flexible wills, trusts, and other estate planning documents that protect assets and loved ones. We can make the estate planning process easy for you and your family. Contact us today at 973-841-5111.
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