Last Will and Testament

A will is a document that states how property should be distributed following a person’s death and provides for the care and support of any minor children. It takes effect at death and appoints the person who will administer your estate.

A will offers the following benefits:

• Designate Beneficiaries
  A will allows you to decide who gets your property after your death. You can give specific personal items to certain persons, and choose which of your friends or relatives, if any, deserve a greater share of your estate. You can also leave gifts to schools and charities.
  

• Select an Executor
  You may also designate a personal representative of your estate following your death. This is the person who must pay your final debts and distribute your property according to your wishes.
  

• Make Arrangements for Minor Child(ren)
  If no other parent has custody, a will can designate a guardian for minor children of the decedent. If you are married and both parents die, your designation of a guardian will assist a court with placement of your children. A will also allows you to select alternatives to outright gifts such as custodial accounts or testamentary trusts.
  

• Establish a Trust for Minor Children
  You can determine when your children should get access to your estate. In the meantime, your trustee can access the funds to provide for necessary expenses.
  

• Charity
  You may make tax-saving charitable contributions through your will.
  

• Lower Costs
  The cost to administer an estate without a will may be significantly greater. Such proceedings require court approval. The administrator is usually required to post bond. A will also allows you to minimize federal and estate tax liability.

Certain types of property do not pass through a will. For example, property held in “joint tenancy with right of survivorship” or other related forms of joint ownership will usually pass outside the will to the surviving joint tenant(s).

Insurance proceeds, like Servicemembers' Group Life Insurance, and retirement accounts like Thrift Savings Plans are normally paid based on the beneficiary named by the insured person.

The estate of a person who dies without a will is determined by state law. The distribution of property under state law may not coincide with a person’s intent.

Wills can be changed or revoked at any time before death.

A person should periodically review his or her will, especially upon the birth or death of any person affected by the will or upon a substantial change in the person’s estate.