Will

A will, also known as a last will and testament, is a legal document in which a person declares how they want their property and assets to be distributed after their death. It can also include other important instructions, such as naming guardians for minor children and specifying preferences for funeral arrangements.

Key aspects of a will include:

• Asset distribution: Specifies who will inherit your property, whether it be family members, friends, or charities.
• Executor appointment: Names a person responsible for ensuring the will's instructions are carried out.
• Guardianship: Designates guardians for any minor children.
• Legal requirements: Typically must be signed, dated, and witnessed by usually two adults who are not beneficiaries to be valid.

A will only takes effect upon the death of the person who made it and governs the distribution of assets that are part of the probate estate. It does not control assets that pass outside of probate, such as jointly held property or accounts with designated beneficiaries.

In summary, a will is an essential estate planning tool that ensures your wishes regarding your property and dependents are honored after your death, helping to avoid conflicts among heirs and providing clear instructions for the handling of your estate.