WHAT IS A WILL AND WHY DO I NEED IT?

Wills allow people to direct where their assets should go after their passing. Wills are an important part of an overall estate plan. A specific type of will, called a pour-over will, is incorporated into an estate plan for most clients along with some type of a trust.

A person who creates the will is known as the Testator (sometimes called a Testatrix, for females). A person who is asked to represent the testator's estate after the testator has passed away, is known as the Executor.

A will:

  • May direct that your assets be transferred to your trust, so it can avoid probate

  • May otherwise distribute assets to any persons or entities

  • May name guardians for your minor children

  • May be modified or revoked as long as the Testator is alive and competent

  • Does not grant any monetary or other rights to anyone until Testator has passed away

What is one of the biggest drawbacks of having just a will?

  • Wills need to be probated. Probate is expensive, time-consuming, and invades privacy.

How do I properly sign a will?

  • Wills must be signed by at least two competent disinterest witnesses.

  • For purposes of this discussion only:

    • Competent: mentally healthy and over 18.

    • Disinterested: does not receive any assets from the will.

    • Signed: at the same time Testator signs the will.