The Last Will and Testament (Will for short) is probably the most common piece of an Estate Plan, with which people are even somewhat familiar. While it is not the entirety of a good Estate Plan, it is a good foundational component.
Your Will should provide all of the essential details as to four important issues:
- Who will serve as the Personal Representative or Executor – meaning the person who will be in charge of settling your final affairs and ensuring that your beneficiaries will receive their inheritance;
- What powers your Executor will have;
- Who will inherit your property; and
- How when your property will ultimately be transferred to your beneficiaries.
It is very important to note, if you have Minor Children, then your Last Will and Testament will also cover a fifth, and sometimes most important point:
Who will serve as the Guardian for your minor children until they become adults.
It is only through a Will, that the appointment of such a guardian can be completed.
It is our sincere belief that while everyone should have an Estate Plan in place, at a minimum you MUST at least have a Will.
Give us a call, today, at 914.607.7900