Linda E. Wasielewski, P.L.C.

LAST WILL AND TESTAMENT

DEFINITION:

A will is a legal document in which you state who will get your money, real property and personal property upon your death.

If you have minor children, you name in your will who you want to be the guardian of your children.

You also have the opportunity in your will to designate the individual you desire to be your personal representative.

WHEN YOU DIE WITHOUT A WILL:

You are considered “intestate” when you die without a will.

Your assets will be distributed according to the law of the state where you reside.

The Probate Court will select an administrator for you estate.

The Probate court twill select a guardian for your minor children which it believes will protect the best interest of your children.

WHEN YOU DIE WITH A WILL:

You can protect your family by providing for their needs.

You name the guardian for your minor children.

You name your personal representative.

You decide who shall receive your assets and in what amount or proportion.

JOINTLY HELD PROPERTY NOT ENOUGH:

Jointly held property, if with the right of survivorship, will automatically vest in the joint tenant --should they survive you.  If they do not, for instance, in a simultaneous death situation, who will receive that property?

Jointly held property, if held with an individual other than a spouse, means that you have given up a portion of your ownership rights.  You may not sell or transfer without the joint tenant’s consent.  Your joint tenant’s share will be subject to his/her creditors.

WHO TO CHOOSE:

When you name a person to be your personal representative, it can be a friend, relative, spouse, attorney or professional management such as a bank, trust company.

Remember, this individual will be responsible for collecting and managing the assets in the estate, notifying creditors, paying debts.

He/she must make distributions to beneficiaries and keep accurate records.

All appropriate tax returns must be filed.