A Last Will and Testament is a legal document disposing of your assets on death in the manner in which you wish your assets to be distributed. It may also provide for the manner in which your estate is managed.
The principle elements of a Will are:
- An Estate Trustee or Executor who is responsible for managing your assets on death. Their obligation is to determine what assets you have; to preserve those assets; to pay just debts; to pay all taxes associated with your estate or arising prior to your death; to realize your assets and to distribute in accordance with the terms of your Will.
- A plan for management if there is a delay in distribution because of dependent beneficiaries.
- A Guardian for children.
- A Plan for distribution to beneficiaries.
- Charitable bequests.
In addition to a Will, no person should be without Powers of Attorney both for the management of property and for personal care. Powers of Attorney authorize someone else to make decisions on your behalf, during your lifetime, if you cannot.
Without a valid Powers of Attorney, your family may be put to the expense of a headache of applying to count for guardianship if you become incapacitated. Our lawyers Judith L. Turner, and Andrew K. Zyp will assist you in preparing wills and Power of Attorney to protect you and your family.