Last Will and Testament

What happens when you need a Will?

A Last Will and Testament is a legal document that allows a person to express how they want certain property and other matters handled after their death. When someone dies without a Will, their estate may be distributed according to the laws of the state where they live and, in some circumstances, the laws of another jurisdiction where property is located. Those rules may not reflect the person's wishes. Creating a Will allows you to provide instructions in advance instead of leaving every decision to default legal rules.

A Will can address many different aspects of an estate. Depending on your circumstances and the laws that apply, you may use a Will to identify the people you want to receive your property, describe how your remaining estate should be divided, and leave specific gifts to particular individuals. Specific gifts might include money, personal belongings, vehicles, jewelry, family heirlooms, or other property. A Will can also include instructions concerning the handling of property that remains after specific gifts and other obligations have been addressed.

Parents and guardians may also use a Will to express their wishes concerning minor children. For example, a Will may nominate a person to serve as guardian of minor children if a guardian is needed. You may also identify an alternate person in case your first choice cannot serve. A Will can contain other provisions concerning children and beneficiaries as well, although some situations may require additional estate-planning documents or arrangements.

Another important part of a Will is choosing the person who will administer your estate. This person is commonly called an executor or personal representative. The executor generally has responsibilities such as identifying estate property, addressing debts and expenses, handling required legal or administrative procedures, and distributing property according to the applicable Will and law. You can generally name a primary executor and an alternate person who may serve if the first choice cannot or will not serve.

One of the primary benefits of having a Will is that it gives you an opportunity to clearly document your wishes while you are able to do so. A Will can provide greater clarity for family members and beneficiaries, identify the people you want involved in administering your estate, and reduce uncertainty about how you want your property handled. Depending on your circumstances, you may also want to consider other estate-planning documents, such as a revocable living trust or powers of attorney. Estate-planning requirements and the legal effect of a Will vary by state, so your document should be reviewed carefully and kept current when your circumstances change.