Last Will and Testament
A Will is a legal document which states the maker's directions regarding the disposition of his or her estate after death. The Will is essentially a roadmap through the probate process, and it provides for naming the person(s) responsible for overseeing the settlement of the decedent's estate usually called the "executor."
Requirements
- The maker must be age eighteen (18) or older and of sound mind;
- Typewritten Will: must be witnessed by two individuals;
- Holographic Will: must be entirely in the handwriting of the creator, dated, and signed.
Advantages
- May designate beneficiaries and attach conditions to a bequest;
- May designate the executor;
- May designate a guardian of yourself and/or for minors;
- May be revoked and amended;
- May create a trust in the Will for spouse, minors and other beneficiaries.
Disadvantages
- Does not avoid probate;
- Potential for Will contest.
Intestacy A person who dies without a Will dies "intestate," meaning that his or her property is distributed according the state "succession" statutes.
