What is a will?
A will is a document that states how your assets are distributed and who’s in charge of making that happen after your death. Someone who’s named in your will to receive your assets is called an heir or a beneficiary. The person in charge of making that happen is referred to as the personal representative or executor.
It’s important to note that a will does not apply to assets where you have a surviving joint owner or a living beneficiary designated. For example, for a life insurance retirement account, if you name your spouse and children as your beneficiaries, your assets will go directly to them.
Regardless of what your will says, because it’s so important in estate planning, you need to make sure it’s in sync with your beneficiary forms and co-ownership of your accounts. This way, your estate plan works according to your wishes.
A will has to go through probate court and be reviewed before your designated personal representative can act on your behalf.
Also, keep in mind that a will has to go through probate court and be reviewed before your designated personal representative can act on your behalf. A lot of people assume that a will covers every possible estate-planning scenario, but it doesn’t, so don’t fall for the same misconception.
If you have any questions about what a will is, how it works, or if there’s anything else I can help you with, don’t hesitate to reach out to me. I’d be happy to help you.