What is the Need for a Last Will and Testament Form?
A Last Will & Testament (LWT) is a legal document that allows you to express your wishes about who should receive what after you die. This can include assets like real estate, vehicles, bank accounts, retirement funds, and other personal property. It may also include specific instructions regarding funeral arrangements, medical directives, and even who should care for any children you have.
Here is what you should keep in mind as you create a last will and testament in Texas.
What Should You Include in a Last Will and Testament?
Follow these tips:
Do not leave anything out!
The first thing that should be included in your Last Will & Testament is what you want done with your body after you die. This includes funeral arrangements, cremation, burial, etc. If you do not include this information, then your family may have to pay for these services themselves. Also, if you are married, make sure that your spouse is named as the executor of your estate. You can name yourself as the executor, but if something happens to you, then your spouse would need to take over.
Include who gets what
If you own property, make sure that it is listed in your Will. Make sure that you list each piece of real estate individually. If you own multiple properties, then you can list all of them under one heading. In addition, make sure that any personal items that you own are listed. These could include jewelry, collectibles, artwork, etc.
You can find last will and testament form templates online, and you can check out which sections to include / not include.
Include how much to distribute
You should also include how much money you want to distribute to your beneficiaries. This should be based on current values. For example, if you have $100,000 worth of stocks, bonds, and mutual funds, then you should divide this amount among your beneficiaries.
In addition to the above-mentioned points, there are several other factors that need to be considered while creating a last will and testament – to take care of all your own specific needs.
