Last Will and Testament
A last will and testament, often referred to as a Will, is a legal document that outlines how a person would like their possessions and affairs to be managed after their death.
Typically, a will identifies how the deceased would like their Assets, personal valuables and real estate property to be distributed to Surviving Family members, or other Beneficiaries, but may also includes a range of other directives, requests and instructions.
A last will and testament helps deceased people exercise control over the distribution of their estate, protect their loved ones, and minimize potential conflicts among Heirs.
Key components of a last will and testament include:
Executor: The will typically designates an Executor, also known as a Personal Representative, to be responsible for carrying out the instructions outlined in the will. The executor manages the estate's affairs, including paying the deceased's Debts and distributing their assets.
Beneficiaries: The will identifies the beneficiaries—individuals or organizations—who will Inherit the deceased person's property, assets and personal valuables. Beneficiaries are typically immediate family members but can be other family members, or even charitable organizations.
Guardianship: If the deceased has minor children, the will can name a Guardian to care for and raise the children in the event of the parents' death.
Specific Bequests: The will may include specific instructions for the distribution of particular items, such as heirlooms, personal belongings, or special gifts to specific individuals.
Residuary Clause: This part of the will covers assets that are not specifically mentioned in the document. It ensures that any remaining property is distributed according to the individual's wishes.
Debts and Taxes: The will may address how the deceased person's debts, taxes, and other financial obligations should be settled.
Witnesses: Most jurisdictions require wills to be signed by the person making the will (known as a Testator) in the presence of witnesses. Witness signatures validate the authenticity of the will.
Legal Requirements: Wills must adhere to specific legal requirements, which can vary by jurisdiction. These requirements ensure that the will is valid and enforceable.
How a will is used during Probate
Having a will does not avoid the Probate process, the legal procedure for validating the will and distributing assets.
A will is used during probate to ensure that the deceased person's wishes are carried out after their death.
Having a valid will can simplify the process and provide clarity for the executor and beneficiaries. It's best to speak with an Estate Attorney when drafting a will, or a Probate Attorney if there are any issues while administering the estate.