A Last Will and Testament [Explained]

Let’s take a look at what defines a last will and testament. It is a legal document that explains not only when, but how any beneficiaries can inherit assets or property that you have left them. Within should be a named executor of your choosing; this can also be referred to as a personal representative. The executor is in charge of setting all of those final affairs and working to guide the estate through what is known as the probate process.

What is the probate process? Well, it is necessary to move ownership of any living assets from your estate to a living person. Not having a Will doesn’t avoid the probate process unless there is an alternative estate plan in place, something like a living trust.

A will can be used to cover a litany of different issues. For starters, any will should name who the primary beneficiaries are. It could be a single beneficiary or it could be several. Whether it be a sibling, a parent, a child, a friend, or a stranger, it does not matter.

Here’s an example: let’s say that you want your brother to inherit your classic car. The will should state that but also who would get the car in the event that your brother should pass on before you do.

A proper will should also clearly state what powers that the executor should have when it comes to the process of settling the estate. Not only that, but a guardian should be declared for underage children until they are of age.

A will can also name a conservator that manages cash or assets left to underage children since minors are not allowed to legally own property.

Keep in mind that a will is only able to deal with probate assets. These are the items that have no other way of being passed down to a living individual without that probate process.

For things like retirement plans, insurance benefits, and real estate held by joint tenants with rights of survivorship, those would pass down by a different process of law as these are considered non-probate assets.

There are different requirements depending on state laws. Meeting those requirements is necessary regardless of whether the will is a pour-over or something a bit more complicated. Whatever you do, it has to meet the necessary legal requirements or that will may not be honored in probate court, which basically means that you have not left a will at all.

There are rules that dictate things like the number of witnesses present to sign the will and how the document is to be signed. There are simple errors that can declare an otherwise perfectly fine will void.

On top of all that, you need to be of legal age in order to leave a will – minors can’t leave a will. Not only that, you must be of sound mind in order to make declarations within the will. The will can’t be used in order to coerce a beneficiary into taking some form of action.

The good thing to know is that most states will provide a will for you if you have not made one before you die. States use intestacy laws in order to determine who will get the probate property that you leave behind.

Generally speaking, however, it is important to leave behind a will to ensure the loved ones in your life get your property and other assets. Most of the time, this is a child or children, but it could be a spouse, friend, relative, or anyone else that you want that property to go to.

Without a will, the probate process becomes murkier and potentially a lot more difficult to navigate. Make that process simpler for those who are left to mourn.