A will should be the foundation of a person’s estate planning. It is a vital component that addresses concerns with regards to one’s properties and children especially in many states where couples often marry much older and have significant assets by the time they have children.
Despite common misconceptions about wills requiring a testator to have significant amount of properties, experts agree that the size is not an issue for getting one drafted. In fact, it is advisable to have one drafted for many reasons other than the distribution of property.
One such reason concerns the raising of children in the event that parents die early. A will can contain certain provisions on how children are to be raised, even apportion amounts from the estate to the rearing of children.
If a young parent doesn’t have specified will for this, the state can and will make decisions on the parents’ behalf. Often, this may not suit well.
Two major components of a will can be, first, the distribution of property according to instructions. The second is a provision on naming a guardian who will act as primary caregivers to minors.
The first provision is common to all wills as it pertains to specifics on asset distribution. The second provision is extremely important as it address how exactly children are to be raised. Parents should name a trusted and reliable guardian. This nomination is honored by the court but will contest it if the named guardian is deemed unfit to take on the task.
Naming a guardian gets part of the job done as there are still issues with the specifics. Concerns over finances and specific activities, food, clothing, shelter, etc. involving the guardianship and the raising of children should be addressed clearly. Also, naming of an estate executor or administrator should be specified.
Remember that a will is executed through probate. Although a probate judge will honor the testators’ final wishes, probate issues can arise such as a will contest if issues are found with the will. Making sure that a will is applicable and legal is vital. A knowledgeable legal professional should be consulted for best advice on estate planning matters.
Despite common misconceptions about wills requiring a testator to have significant amount of properties, experts agree that the size is not an issue for getting one drafted. In fact, it is advisable to have one drafted for many reasons other than the distribution of property.
One such reason concerns the raising of children in the event that parents die early. A will can contain certain provisions on how children are to be raised, even apportion amounts from the estate to the rearing of children.
If a young parent doesn’t have specified will for this, the state can and will make decisions on the parents’ behalf. Often, this may not suit well.
Two major components of a will can be, first, the distribution of property according to instructions. The second is a provision on naming a guardian who will act as primary caregivers to minors.
The first provision is common to all wills as it pertains to specifics on asset distribution. The second provision is extremely important as it address how exactly children are to be raised. Parents should name a trusted and reliable guardian. This nomination is honored by the court but will contest it if the named guardian is deemed unfit to take on the task.
Naming a guardian gets part of the job done as there are still issues with the specifics. Concerns over finances and specific activities, food, clothing, shelter, etc. involving the guardianship and the raising of children should be addressed clearly. Also, naming of an estate executor or administrator should be specified.
Remember that a will is executed through probate. Although a probate judge will honor the testators’ final wishes, probate issues can arise such as a will contest if issues are found with the will. Making sure that a will is applicable and legal is vital. A knowledgeable legal professional should be consulted for best advice on estate planning matters.
Keywords: distribution of property, primary caregivers, estate executor, trusted and reliable guardian
About The Author
Victor Dela Casa is a Filipino-Canadian who spent over a decade working as a business professional in Canada. Worked in IT, finance, marketing, international trade, public service, project management and the maritime industry. Degree in Economics from the University of the Philippines and Honours Diploma from Eastern College. Currently based in the Philippines and working as a professional writer for a multi-national business processes firm.
0 comments:
Post a Comment