Understanding a Will: Purpose, Value, and Expectations

Estate Planning - What is a Will?

What is a Will?
A will, formally known as a "Last Will and Testament," is a legal document that outlines how your assets should be distributed upon your death. It specifies beneficiaries, appoints an executor to manage the process, and can also include guardianship arrangements for minor children. This document is legally binding and ensures that your wishes are honored after you pass away.

How a Will Helps Your Family

Clarity: It eliminates confusion about your wishes, reducing family disputes.
Legal Protection: Ensures that your assets are distributed as per your instructions, not based on state intestacy laws.
Guardianship: Allows you to designate who will care for your minor children.
Executor Appointment: Names a trusted individual to manage your estate and carry out your wishes efficiently.

Value of Having a Will

Avoids Probate Delays: A well-constructed will speeds up the legal process of asset distribution.
Minimizes Costs: Helps your family avoid unnecessary legal expenses.
Emotional Relief: Provides peace of mind to loved ones by clarifying your intentions.

Realistic Expectations

A will covers only the assets that are solely in your name and not those in trusts or with named beneficiaries (e.g., retirement accounts).
It must be updated regularly to reflect life changes like marriage, divorce, or new children.
A will still often requires probate, which involves court oversight of the asset distribution process

Disclosure: The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Fixed insurance offered through James K. Lancaster. Cambridge and Sterling Edge Financial are not affiliated. Cambridge does not offer tax advice.