Last Will & Testament
A last will and testament is a legal document that directs the distribution of your assets upon your death. This very important document is necessary in order to have your last wishes honored. Should you die intestate, which means you did not have a will, the state you reside in will determine how your assets are distributed under intestate laws.
In your last will and testament, you will appoint an executor to carry out the bequests in your estate. Your estate consists of real and personal property. You should also list an alternate in the event the primary person you choose is unable or unwilling to act as your executor. You will also be able to appoint a guardian to care for your minor child or children. You can appoint a trustee to handle the assets held in trust for any minor child or children to ensure they are provided for while minors and you can determine the age you would like your minor beneficiaries to receive the final distribution from the trust. If you have disabled beneficiaries, there is a trust that you can include that will be active for their lifetime or until the assets are depleted. Also, if you have pets, you can appoint a person for their care.
You may also disinherit a person from your last will and testament, such as a child, sibling, parent or other relative that could petition the court claiming rights to your estate.
As you can see, it is so important to have a last will and testament for your peace of mind and to make things a bit easier on your family during a difficult time. Even if your estate is small, you still need to have a last will and testament prepared to ensure your assets are distributed to the person or persons you want to have them.