ESTATE DOCUMENTS
Last Will and Testament
By: Deborah L. O'Neill, Esq.
DiFruscia Law Offices
Whether you are elderly, a young parent or a single person of any age it is a good idea to think about drafting a Last Will and Testament.
A Will is an expression of how you want your assets distributed upon your death. The assets you leave behind upon your death are called your estate. Thinking about our own death is not something most of us enjoy doing, however, without a Will state law will determine who gets our property. A properly drafted Will reflects your wishes about where you want your assets to go, it allows your voice to be heard when you are no longer here to speak for yourself.
The prospect of planning for the distribution of our assets can seem overwhelming. A good way to start the planning process is to make a list of all of your assets. We have forms available in our office to assist in compiling your list of assets. Please contact our office at 978-687-177 or email me at doneill@difruscialaw.com and I will be happy to send you one. Your assets include any real estate, time share properties, bank accounts, stocks, bonds, life insurance, pensions, retirement accounts, cars, recreational vehicles, etc. Your assets also include your personal property. Your personal property includes jewelry, artwork, dishes, clothing, furniture, rugs, etc. Your personal property need not have high monetary value to be of great sentimental value to you. Your Will provides for the distribution of all of your property regardless of monetary value. Sometimes leaving an item of great sentimental value to a loved one is of great importance. Look at the list of all of your assets and begin to think about who you wish to receive those assets. You may designate anyone as a beneficiary of your property in your Will. Your beneficiaries can be members of your family, but need not be.
Next, look at your list of assets and think about who you want to inherit them. You may leave your property to anyone you choose. The person need not be a family member. The person you leave an asset to is called a beneficiary. You may have as many beneficiaries as you choose.
Finally, think about who you wish to be the representative of your estate. This person is called the Executor of your estate. The Executor is named by you in your Will and is in charge of collecting your assets and distributing them according to your wishes. The Executor is also in charge of paying any debts and expenses of your estate. Your Executor does not have to be a family member or a beneficiary of your estate.
Once you have given thought to the distribution of your assets and considered who you wish to serve as your Executor you are ready to begin the draft of a Will.
If you have any questions please feel free to contact our office at 978-687-1777 or contact me via email at doneill@difruscialaw.com. We look forward to hearing from you.
