Your last will and testament is just one part of a comprehensive estate plan. If a person dies without a Will they are said to have died “intestate” and state laws will determine how and to whom the person’s assets will be distributed.

Some Things You Should Know About Wills:

• A will has no legal authority until after death. So, a will does not help manage a person’s affairs when they are incapacitated, whether by illness or injury.
• A will does not help an estate avoid probate. A will is a legal document submitted to the probate court, so it is basically an “admission ticket” to probate.
• A will is a good place to nominate the guardians (or backup parents) of your minor children if they are orphaned. All parents of minor children should document their choice of guardians. If you leave this to chance, you could be setting up a family battle, and your children could end up with the wrong guardians.

A properly executed will is usually the first step in creating an estate plan; however, it’s merely the first step of many.

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