Last Will and Testament

A last will and testament is a document that describes how a person desires to have his or her property distributed after death, who that person wants to be in charge of settling his or her estate, and who he or she nominates to raise underage children. Usually this document is written by an attorney to ensure it meets the legal requirements of the state where the person lives. However, it can be handwritten or created using outlines in kits that can be purchased commercially. The document should be signed in the presence of witnesses who will not benefit from it and who can verify the signatures.

AARP (formerly known as the American Association of Retired Persons) researchers report that only 60#x0025; of Americans over the age of 50 have a will, and even fewer under that age have one. Most people do not like to think about tasks such as writing a will. However, having a plan for one's death, whether or not death is expected, can prevent many family-related problems. Making a will is one way to care for people who are important in one's life. When one's desires are specified and what may be perceived as apparent inequities are explained, there are likely to be fewer disputes and other types of problems after death. Having a will can also save money, and when life events bring about change, a will can be modified.

Today the term will is typically used whereas in the past, many people referred to this document as a “last will and testament.” Technically, the testament refers to personal property, but today people seldom use this term.

Why a Person Should Have a Will

Anyone who is 18 years old or older and who has a “sound mind” can make a will. A will gives greater assurance that dependents will be taken care of and that property will be distributed as desired. A lawyer should help phrase it in the appropriate legal terms so that it will be read by the probate court as the person it is written for intended it to be interpreted.

A will can provide for equitable treatment of children. That does not mean each child necessarily gets exactly the same things. It is possible to provide for special needs and explain intentions in a will. Moreover, one can nominate a guardian for minor children in the will. Although the court must appoint the guardian, by creating a will parents can establish who they desire to raise their children.

A will can also be used to nominate the executor of the estate, or the person who will settle the specifics of the estate. Again, only the court can appoint the executor, but if the person nominated meets the state requirements and is willing to serve in this capacity, then the court will likely appoint the person nominated. Through a will, a person can specify that his or her personal representative serve without bond or surety. If bond is not required, then the administrative cost of settling an estate is considerably reduced.

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