A Last Will and Testament is a legal document in which you name one or more people, called a Personal Representative, to manage your estate after you die.
A Last Will and Testament can be changed or revoked at any time until you become legally incompetent, or you die.
In your Last Will and Testament, you direct the distribution of your property, such as your heirlooms, household goods, jewelry, collectibles, tools, real estate, and motor vehicles.
Your Last Will and Testament can have many different provisions, such as:
- Distribution of your real and personal property
- Nominate a guardian and conservator for your minor children
- Provide for your pets
- Payments of Obligations, Expenses, and Taxes
- Generation-Skipping Tax
- Digital Assets and Accounts
- Election for Portability
- Fiduciary Powers
- Standby Trust for minors or beneficiaries with special needs
Your Estate Planning Attorney will work with you to draft a Last Will and Testament that is customized to meet your specific needs.
It is important to work with your Estate Planning Attorney because there are many different provisions that must be properly drafted. A Last Will and Testament is not a one size fits all document, and not all Last Will and Testaments are properly drafted.
You should not put off getting your Last Will and Testament because you can only execute your Last Will and Testament if you are legally competent, and if you understand what you are signing.