A Last Will & Testament, more commonly known as a Will, is a legally binding document in which you name a person or persons to manage your estate in the event of your death. A Will can also be used to direct the distribution of your property after your death in accordance with your personal wishes. Some Wills contain trusts, most commonly used for minors, which become effective only after your death. Generally, a Will contains the designation of an executor, information relating to one’s burial, payment of any debts, any charitable donations, bequests to beneficiaries, and the list of the powers given to the executor. A well-written Will can minimize the time and expense for probate. Some Wills that are more complex, in the case of large estates, can be used to minimize estate taxes.
There is no perfect time to write a Will and it may need to be rewritten more than once in your life. Wills should be updated when circumstances change. Events such as marriage, the birth of any child, divorce, the death of a spouse or child, or any major life event should necessitate an update of your Will.
The Becker Law Firm uses a detailed questionnaire to create a comprehensive Will for your needs. If you are interested in a Will, please contact us to schedule your free phone consultation.