Last Will and Testament
A Last Will & Testament is a legal document distributing your assets that need to pass through probate. Think of a will as your last wishes. Your Last Will & Testament will appoint a personal representative, distribute your tangible personal property, and the residue of your estate, at a minimum. There are many other provisions that can be added to your personalized will, depending on your situation.
Upon your passing away, the will is submitted to the Probate Court, where the Judge admits the will, and appoints a personal representative (or executor as it is known in other states). The personal representative then has the obligation to pay any creditors as well as transfer your assets to your estate. Finally, the personal representative will pay any taxes and distribute the assets amongst your beneficiaries.
Your will is the biggest transfer of your assets you will ever make (100% of your lifetime’s worth of assets). It is a decision you should discuss with a qualified attorney who can explain to you the pros and cons of your devises.