The most common document used for estate planning, wills are legal documents that entail the creator’s wishes and directions regarding the distribution of their assets after their death. Your will and last testament can also be used to name legal guardians for minor children, designate an executor, create trusts, funeral wishes, etc.
In order to create a last will and testament, one has to be a legal adult i.e. they must be 18 years of age or older. Also, they should be in control of their mental faculties and of sound memory when creating and signing the will. If they are making a new will, the document should mention the revocation of the older versions. A valid will also require signatures of two witnesses and notarization. These practices are recommended for probate court.
Unlike trusts, wills are not executed privately. The executor (chosen by the testator or the probate court) will have to file the original will to the probate court and undergo the probate process, which may take months to wrap up, especially if it is contested. In the U.S., if the will’s testator-owned assets equal to or less than $50,000 in value, a small estate document can be filed in probate court instead.
If one fails to leave a last will and testament document behind, the distribution of their estate will fall into the hands of their children, surviving spouses or other relatives. Additional money and time would need to be dedicated to the process. Additionally, the testator’s wishes regarding their funeral plans and guardian designations for minor children will be decided by the court.
In this category, you’ll find articles discussing the basics of a will, how it’s created, and its effectiveness within estate planning. You’ll also find advisory articles among others that discuss the concept even further the bare-bones explanation.

A will attorney in the Estate Planning

What Is A Will?

Going Back To The Basics – What Is A Will? The best estate planning tip in Manhattan that you can get is to create a last will and testament before it is too late. As one of the most important building blocks of an estate plan, this document can ensure your legacy is passed onto…