Last Will and Testament
But what exactly is in a last will and testament? What does it cover? And why exactly does a senior citizen need one? Well, let's start with the basics. The first element is to establish who you would like to be your executor (or if they're female, executrix). Executors are also known by other names, most common of which is trustee. The second element of your will is just as simple: establishing how you would like your estate to be distributed.
You have a lot of power in how you would like your estate to be distributed. You can purposefully exclude people (as long as it's legal), and of course include whomever you like. It's old fashioned, but some people even put requirements in their wills for people to earn their inheritance. You could, for example, say your son or daughter only gets their inheritance once they graduate with a university degree. However, this is outside the scope of most wills. Don't become intimidated about wills, especially when you see yours. They use ominous titles like "last will and testament," and even if you have an incredibly simple and easy to follow will, it will probably take up at least half a dozen pages. The reason for this is because it's important your will can't be challenged without a legitimate reason, and to make sure your executor can follow it exactly as you'd like. Your executor has a lot of responsibility in handling your estate, but if your will is setup properly they also have a lot of direction from you. Make sure the person you pick as your executor in your will will be impartial in distributing your estate. And before naming anyone as your executor (or executrix) make sure to ask them in person. If the person you pick as your executor doesn't accept it can lead to a few legal speedbumps. You can name alternative executors in your will though, which can be smart to do as you can never predict the future. In fact, not being able to predict the future (and preparing for it anyways) is a very good lesson to keep in mind while writing your will. What happens if one of your beneficiaries predeceases you? The answer is simple, but it can't be forgotten: have an alternative beneficiary. A proper will can't be challenged easily, but it can still be challenged from time to time. Let's say you're supporting a family member, and in your will you provide no support for them at all. Since you were supporting them already, they can bring it to the courts and they will most likely get continued support from your estate. Spouses also have a heavy claim to the estate if they are not accounted for in your last will and testament.
So, what else is in a will? Well, when you're writing your will you have to be an adult of sound mind. You can't write your last will and testament under duress from someone, and your will will be void if when you write it you are suffering from some form of dementia. A will is the central document in estate planning, and it's important that everyone, especially senior citizens, has a legal and valid last will and testament. If you don't have one, you should call your lawyer as soon as possible.
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For seniors, little is more important than having a proper last will and testament. Last week I gave an overview of what might happen if you die intestate, or die without a will. You can read that article by clicking here:
