Last Will & Testament
A Last Will & Testament is a legally binding document establishing the distribution of your assets at your death. In the Will you name your beneficiaries and their share of your estate. Wills are as descriptive and as detailed as you wish.
In addition to naming exactly who receives your assets, a Last Will & Testament is a flexible document whose purpose includes, but is not limited to the following:
- Nominating a guardian for your minor children.
- Naming an executor. An executor handles the distribution of your assets and the administration of your estate.
- Provide for the establishment of a testamentary trust.
- Direct the payment of debts, taxes and expenses after your death.
Even with a Last Will & Testament, however, the distribution of your assets is subject to supervision by the Probate Court. Probate is 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.
You can change yourr Last Will & Testament at any time as long as you are mentally competent.