Last Will & Testament
A Last Will & Testament is a legally binding document that establishes how your named assets (real property, bank accounts, belongings, etc.) will be distributed at your death. This is accomplished by naming exactly who your beneficiaries will be and what they will receive from your estate. Wills may be as descriptive and as detailed as you wish.
In addition to naming exactly who will receive your assets, a Last Will & Testament is a flexible document whose purpose may include, but is not limited to the following:
- Nominating a guardian for your minor children.
- Naming an executor. An executor is the person who will assist with the distribution of your assets and the administration of your estate.
- Provide for the establishment of a testamentary trust.
- To direct how debts, taxes and expenses are to be paid after your death.
Even with a Last Will & Testament, however, the distribution of your assets may still be supervised by the probate court in a public proceeding that can take as long as one to two years to complete. See Living Trusts to discover how to avoid this system completely.
Your Last Will & Testament may be changed or revoked at any time as long as you are mentally competent.