A will is a legal document that describes how you want your assets distributed after you. It can also provide for the guardianship of minor children. It is an important document that everyone should have in order for their wishes to be carried out after they die.
A will specifics the executor, or the person who will distribute your assets per your will after you die. Your will also describes all the property you own, and can make specific bequests to people for certain property. It can also provide that assets will be split by a percentage.
If you do not have a will and you die, the Probate Court will distribute your assets according to the Probate Code. This is known as dying intestate. If this happens, your assets can be distributed to relatives that you do not want to receive anything, distant relatives you do not even know you have, or can revert back to the State.
It is important for everyone to have a will, even those with living trusts because a will is still required to distribute assets that are not within the trust. Known as a pour over will, the will works together with the trust.
One of the main drawbacks of a will is that it requires distribution of assets to go through the probate process, which can be lengthy and costly. This can be avoided by the use of a living trust.
If you have any questions regarding a will you already have, modifying a will, or drafting a new will, please contact Anthony Marinaccio for an initial consultation.