Definition and Example of a Last Will and Testament
A last will and testament is an estate planning document that explains and outlines what you want to happen to your property when you die, among other things. Your will provides all the essential and necessary details for who will inherit your property.
How Does a Will Work?
The will should also designate the authorities you wish to have in place to manage your estate when your assets are settled. You should name a personal representative in your last will and testament to care for your children until they reach adulthood if the other parent dies before you or dies with you in a joint accident. You can also name a trustee in your last will and testament to manage any assets or money you leave for your children, as minors cannot own property.
Another Type of Will
A revocable living trust is another estate planning mechanism that will cover the same basic provisions as a last will and testament. You must transfer ownership of your assets into the name of the trust after it is established and before your death, so that the terms of the trust and beneficiaries can operate on it.
Requirements for a Will
The requirements for a will are defined by state law, and you must adhere to your state’s requirements whether you are making a simple last will or a more complex one. It must meet the requirements of a valid will, or the court will not consider the will legitimate. The result will be the same as if you had not left a will at all.
Do I Need a Will?
The state you live in at the time of your death, as well as any other state where you own real property at the time of your death, will provide you with a will if you fail to create one before your passing. Intestate succession laws will determine who receives your property in the absence of a will, and your spouse’s inheritance from you may be limited to less than 50% of your estate if that occurs.
Source: https://www.thebalancemoney.com/what-is-a-last-will-and-testament-3505185
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