A Will is a legal document which states the maker's directions regarding the disposition of his or her estate after death. The Will is essentially a roadmap through the probate process, and it provides for naming the person(s) responsible for overseeing the settlement of the decedent's estate usually called the "executor."Requirements
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The maker must be age eighteen (18) or older and of sound mind; |
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Typewritten Will: must be witnessed by two individuals; |
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Holographic Will: must be entirely in the handwriting of the creator, dated, and signed. |
Advantages
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May designate beneficiaries and attach conditions to a bequest; |
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May designate the executor; |
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May designate a guardian of yourself and/or for minors; |
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May be revoked and amended; |
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May create a trust in the Will for spouse, minors and other beneficiaries. |
Disadvantages
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Does not avoid probate; |
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Potential for Will contest. |
Intestacy
A person who dies without a Will dies “intestate,” meaning that his or her property is distributed according the state “succession” statutes.