Purpose of Primary Will
The primary will, often referred to simply as a “will,” serves several essential purposes in estate planning:
- **Asset Distribution:** A primary will outlines how you want your assets to be distributed after your passing. This includes specifying which individuals or organizations should receive your property, belongings, investments, real estate, and other assets.
- **Beneficiary Designation:** It designates your beneficiaries, who are the individuals or entities entitled to inherit from your estate. You can specify who should receive specific assets or percentages of your estate.
- **Executor Appointment:** A primary will appoints an executor or personal representative who is responsible for carrying out your wishes as stated in the will. This person will manage the probate process, settle debts, pay taxes, and distribute assets to beneficiaries.
- **Guardianship for Minor Children:** If you have minor children, your primary will can designate a guardian for them in the event of your and the other parent’s passing. This ensures that your children are cared for by someone you trust.
- **Funeral and Burial Instructions:** You can include instructions regarding your funeral arrangements, such as your preferred funeral home, burial or cremation preferences, and any specific wishes you have for your memorial service.
- **Debt Settlement:** Your primary will addresses how your outstanding debts and financial obligations should be settled from your estate’s assets. This can include paying off loans, credit card balances, and other liabilities.
- **Charitable Bequests:** If you wish to leave a portion of your estate to charitable organizations, your primary will is where you can specify these charitable gifts.
- **Protection of Loved Ones:** Your primary will can include provisions to protect your loved ones, such as setting up trusts for minor beneficiaries or individuals with special needs, ensuring their financial security.
- **Asset Preservation and Tax Planning:** In some cases, a primary will can be used as part of a broader estate plan to minimize estate taxes and protect assets for future generations.
- **Legal Validity:** By creating a primary will, you ensure that your final wishes are legally documented. Without a valid will, your estate may be subject to the default laws of intestacy, which may distribute your assets differently from your preferences.
Overall, the primary will is a crucial document that allows you to have control over the disposition of your assets, provide for your loved ones, and make your final wishes known. It is an integral part of comprehensive estate planning.
As always, we recommend consulting with your drafting solicitor in your estate planning. Contact us @ JZW Law, our dedicated team of experienced lawyer is here to provide you with top-notch legal services tailored to your unique needs.