A will or testament is a legal declaration by which a person names one or more persons to manage his or her estate and provides for the distribution of his property at death.
Everyone should have a will. Here are a few of the reasons why:
1. You can direct how you want your property divided at your death;
2. You can name the person you want to handle your estate;
3. You can reduce the expenses of administering your estate;
4. You can save taxes;
5. You can nominate a guardian for your minor children;
6. You may provide for a trust for the support and education of your children without the necessity of costly court proceedings and choose the person you want to handle the trust.
If you don’t have a will, a state statute directs who will receive your property, regardless of your wishes. I can help individuals and couples in creating simple and complex wills that are tailored to their specific needs.
To learn more about the benefits of making a will read our blog post entitled "Top 7 Reasons to Make a Will"
A pour-over will is a particular type of will generally used in conjunction with a trust. This kind of will “pours” any property the deceased still owned at the time of death into the trust that the person set up during his or her life.
Changing or Amending a Will
Once you have drafted a will, you should revisit it as you experience life changes such as getting married, divorced, or having children. A will can be updated by creating a new will or by adding an amendment to the will (known as a codicil). Changes and the law or your financial circumstances could also necessitate changes or amendments to your will.