Law & Legal & Attorney Wills & trusts

Will and Last Testament Used to Determine Division of Estate Upon Death

Many individuals are quite confused as to what exactly is a last will and testament.
They have probably had their accountant or lawyer try to explain it to them and how important it is for them.
However, both the accountants and the lawyer always use quite complex language to explain what a Will exactly is.
Well, in normal day to day language I will explain to you what a Will and Last Testament exactly is.
In essence, a the legal document is nothing more than a method of designating your beneficiaries that will receive your assets upon your passing.
So as your estate has accumulated assets through the years these assets need to go to someone upon your passing and thus beneficiaries need to be designated.
What the legal document does is that it shows in clear and concise language who exactly is to receive your assets as well as what percentage of your estate shall go to that specific person.
It is of the utmost importance that the language of the document be clear and unambiguous as to not leave any doubt as to your true intention with the Will.
Should the language of the legal document not be in clear and unambiguous words then what will happen is that a possible dispute may arise as to who exactly is entitled to the assets of your estate.
This can lead to litigation in the probate courts and thus your beneficiaries may incur a great deal of legal expense in the process.

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