3 key functions of a will

Estate planning mostly revolves around distributing assets upon a person’s death. This can be done in several ways and by using documents like a will and trusts.

The starting point of any estate plan is a will. What are some of the key functions of this important document?

1. Naming beneficiaries

Firstly, a will allows you to name beneficiaries These are individuals who will receive your assets upon your death. You can name anyone as your beneficiary, including friends, family members and caregivers. You can even name charitable organizations if you want to.

A will is important in this sense because it provides precise instructions. The executor of the estate must act according to the instructions of the will. Failing to draft a will leaves the distribution of your assets up to the state.

2. Naming guardians

An often overlooked aspect of a will is the fact that you can name guardians. These are individuals who will look after your children should something happen to you. You can name one guardian or you can name several. They can be friends, family members or anyone of your choosing, as long as they are suitable to look after your children.

3. Funeral arrangements

Grief is a difficult thing for families to deal with. Having to make funeral arrangements can greatly increase stress. That’s why many testators opt to leave instructions for their funeral arrangements in their will. This way, families and friends don’t have to try and make arrangements and guess what the deceased would have wanted.

These are just three key functions of a will. Estate plans can comprise numerous legal instruments with various instructions. To draft a plan that works for you, it is best to seek further guidance. Contact us online or call today for a free consultation with Pennington Law, PLLC.