Last Will and Testament
A Will is vital to any successful estate plan. It details how your estate is to be managed, and, after payment of bills and taxes, how it is to be distributed. The Will names a Personal Representative (sometimes called Executor in other states) as the person to administer the estate according to the terms of the Will. In addition, there should be coordination between the Will and assets titled in ways that result in other methods of distribution at death, such as assets held in joint tenancy or passing by designation of beneficiary.
A Will also gives you the opportunity to name a guardian for your minor children, and a trustee for trusts designed to protect beneficiaries.
Attention to these details saves the family potential complications arising at death as the result of uncertainty.
Wills should be reviewed periodically to account for changes in family circumstances or the law.
Contact us to learn more about Last Wills and Testament.