A will and testament are the same thing, so your last will and testament means that it is the last asset declaration document you made; overrides all other facts before. The importance of having a will is to allow your family to take control of your affairs when you die. Writing a will is simple and crucial to your peace of mind and that of your family.

Some things about a will or last will and testament to consider:

• What happens to your belongings and your hard-earned savings
• Who do you name as executor of your will?
• Who has power of attorney
• Who do you appoint as guardians if you have children under the age of 18 if your spouse dies before you or at the same time?
• Without a will, the government will take control of your affairs In some places
• Without a will, your estate could be sold and the taxes would be significant
• Without a will, your family could be left with nothing

Without a will or Last Will and Testament, people you don’t know and didn’t specifically select for this task could be taking care of your affairs. Your estate could be sold and your family may not benefit at all. Most likely, the government of many countries will take over and choose a stranger to become the executor of your will; this is someone who will decide where your assets should be distributed.

Important contents of a will: telling it how it is

You may have savings and possessions that your family doesn’t know about. If you have plans for how you want these savings to be distributed when you die, this should be stated in a Last Will and Testament. Here are some important things to consider about writing a will.

• Calculate the present value of your assets.
• Decide who you want to leave these assets to
• Who do you want to be the executor of your estate to handle your affairs?
• Calculate the value of your debts and liabilities
• If your debts exceed your savings, consider choosing a life insurance plan to pay off your debts.
• Consider adding an amount of life insurance to replace your salary if you have dependents.
• Do you know who you want to raise your children under the age of 18? You might consider asking someone you trust if they are willing to take on that responsibility of legal guardianship in the event that both parents die.
• Consider your wishes for your own funeral and factor funeral costs into your calculations.
• Do you want a burial or cremation?

This is your Last Will and Testament, this is your chance to tell it like it is and give what you want to who you want. No one can argue with you anymore, however a will can be contested, so make it very clear what exactly your wishes are and make sure there are no loopholes that could create a problematic flaw.

Rules on testament or last will and testament:

• You must be over 18 years old.
• You must be certified of sound mind, which means you have all your faculties over you
• It must be in writing and signed by you.
• There must be two witness signatures for yours.
• Must be dated (still legal if not, but better if it is)
• Done voluntarily without pressure or abuse from others

You do not need a lawyer to make a will. If you have a large estate, a considerable amount to spend or children, it would be prudent to obtain the advice of a notary lawyer. This professional can review the document once it is prepared but before it is signed and witnessed. He or she can tell you if there are legal discrepancies.

Wealth does not always enter into it.

You don’t have to be rich to have a will. Simple and basic household items, sentimental goods and pensions are as important to the average person as a bucket full of money. Without a will, these simple, basic, sentimental things could be overlooked by an executor you have not selected. He can also change a will at any time in his life. If your lifestyle circumstances change or your beneficiary leaves or predeceases you; you can easily change your will. The same procedure as with the first testament will be necessary, only the content will change.

For more detailed information about a Last Will and Testament you can find good legal information and advice from lawyers. You can purchase a will kit online that may come with full instructions. Your will should be discussed with a legal professional before you sign it, and should be thought through very carefully, remember this is your last chance.