A Will is one of the fundamental elements of any estate plan. A Will and/or a trust are the principle instruments directing the disposition of assets following death. A Will can also be used to name someone to care for your minor children until they reach adulthood. It allows you to choose a trusted person or persons, the executor(s), who determine the obligations of your estate and the right to select and sell assets to pay those debts. The Executor is also charged with collecting debts due to both you and your estate. They then distribute remaining assets according to the terms of your Will. A well drafted, well thought out Will also minimizes court interference with the handling of your estate and reduces administrative expense. Finally, and perhaps most important, without a Will and/or trust, state law determines who, and how much, those determined by law will receive your hard earned assets.
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