What is a Will?
A Last Will and Testament takes effect upon the death of you, the maker. The Will controls disposition of assets you own according to your wishes.
Requirements
Must be written
Signed by testator
In presence of at least two witnesses that attest that testator declares it to be his / her Will and freely and voluntarily signs Will
Legal adult of sound mind
Who are the Responsible Parties?
Testator – maker of the Will
Executor – personal representative, appointed by a court, charged with administration of provisions of the Will, assets of the estate, necessary court filings, tax return preparation, and beneficiary reports. Executor may be a corporate fiduciary or a trusted, competent individual.
Beneficiary – any person or entity named to receive a specific bequest or portion of your estate assets. Consider family and charities as potential beneficiaries.
Court appointment – decree by local court appointing an executor
Heir – Named beneficiary or “heir at law”
Administrator – court-appointed personal representative of deceased individual without a Will
When Should a Will be Prepared?
When you have accumulated some money or other assets
When you get married (or divorced or remarried)
When you have children (and again when they become adults)
When you’ve purchased a home
After you start a business
Update as life circumstances change
How Does the Process Work?
Discuss your plans
Family and possibly other intended beneficiaries. Couples generally draft their Wills at the same time with the same attorney.
Contact an attorney
Store Will documents securely and provide copies to key people
Upon death, attorney will contact the court to request approval of the Executor if the Executor agrees to serve
Expenses include attorney, executor, court and estate administration costs
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