General Information About The Last Will and Testament

A will is a legal document that helps you to protect your assets and minimize any dispute over the distribution of your estate when you pass on. When created properly, a will is a tool that will control the distribution of your property upon your death. Also, you can use a last will and testament to appoint a guardian over your minor child(ren) in the event you pass on. You can also name the person who will manage your estate after you die, to help properly execute the will and distribute the property to the appropriate beneficiaries as directed. If any of these issues are important to you then you should think about creating a last will and testament.

When you have created a will, your assets are distributed to your beneficiaries through an order of the probate court. The executor, which you name in your will, gathers up the assets and provides an inventory of it to the probate court. The executor is then responsible for overseeing the testator’s (person who made the will) assets while distributing them according to the specific requests in the will.

To make a valid will the person who made the will must have been at least 18 years old or more and must have signed the document in the presence of two witnesses. For the will to be valid the testator (person making the will) must sign the document in front of two witnesses, and the signature must be notarized in the presence of those same two witnesses.

A lot of people get confused between a Trust and a Last Will and Testament. A Trust details how property is held, transferred, or owned before the death of the person who made the trust. If a Trust is the legal owner of the transferred property and the testator dies then the transferred property doesn’t have to go through Probate court. This is because a Trust doesn’t give directive to your wishes over your assets after your death like a last will does.

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What is a Last Will and Testament?

A will is a legal form that will ensure your estate gets divided how you desire. The person who owns the estate (money and belongings) is called the ‘testator’. Without a will your estate is wide open to conflicts, problems, and lawsuits. For example your relatives may have a huge dispute over the property, which will lead to lengthy court proceedings and legal fees for lawyers, etc.

Although there are many benefits to having a last will and testament, the law strictly views the document as a testator regulating the rights of others over his property upon death.

The traditional will is the last will and testament, which is sometimes called a testamentary will. This will covers the disposition of personal property upon death and may also cover the testators wishes concerning who becomes the guardian over a minor child. This document is legally binding.

When your preparing your last will and testament items of personal importance or of high value should only be included in a will. Whoever is receiving these valuables is called the beneficiary. The term ‘heir’ often gets confused with the term beneficiary. A heir is some one who inherits an estate without the help of a will.

When the testator creates the will he must appoint an executor. An executor is some one who will handle all the administrative responsibilities of the will. The primary responsibility of the executor is to make sure the will is executed based on the testator’s wishes. The executor is also responsible for ensuring that the items named in the will are correctly distributed to the beneficiaries.

Avoiding conflicts is the main reason why you want a last will and testament. Without a will to specify what assets go to whom, disputes, problems, etc. will most likely arise. You can even specify to give some of your assets to a charity. In all, this will give you a legal platform to deal with the distribution of your assets past your death.

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