A will, also known as a "Last Will and Testament," is very simply a document a person designates who will receive his or her property after his or her death.
Not only does a will provide property distribution instructions, it also can include instructions for the appointment of an executor to handle your estate and an appointment of a guardian for any minor children. However, in most states, the court can override your appointment if it is deemed to be in the best interest of the child or children. It may also give directives regarding responsibilities once held by the deceased.
A person making the will is called the "testor," and the person receiving the property is the "heir" or "beneficiary." Usually, personal property conveyed via a will is known as a "bequest" and real estate is conveyed by a "devise."
If you are in debt you definitely want to get a will. Although, you won't bequest your credit cards to your family, you may be leaving your debt behind for them to deal with and having a will helps your family have a lot less to deal will. If you don't have a will, get one. Remember, where there is will...there is a way. No pun intended. ;-)
For more legal information about estate planning, probate, wills and living trusts check out http://www.citylegalguide.com/.
photo via (yesyeman)
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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