The purpose of a will is to give specific instructions as to who receives what when someone dies. A testator can name beneficiaries for specific assets, as well as residuary property. A testator can also appoint an executor to distribute the assets. A will is also a great tool to exclude certain people from receiving inheritances. For example, a former spouse may not want his/her share of the estate, but a child who was supported in school may feel entitled to a fair share.
The purpose of a will is to relay who gets what after a person dies. It is important to note that a person’s will does not govern the disposition of assets that are owned jointly or by contract. It also does not govern the disposition of assets that are passed outside of the will, such as retirement accounts and life insurance policies. In some cases, a person can name a beneficiary who will receive the assets instead of other beneficiaries.
A will is also useful for minor children. It can also specify who will manage the inheritance of the children. A will can also specify a specific age at which inheritances should be distributed. Even if trusts have been established, a will may be beneficial. It is a useful document to have, but it is best to consult a lawyer before making a will. And don’t forget to name a Trustee and Executor.