A Will is a legal document in which a person names one or more persons to manage and administer his or her estate and provides how assets are to be distributed after their death. Following the client’s death the Will must be validated by a Judge i.e. admitted to Probate (discussed below).
For clients with minor children a Will can also serve as a method by which the client nominates a Guardian to care for minor children and to stipulate that the child’s inheritance be held in a Trust beyond 18 years of age.
It is important to note that a Will does not apply to assets owned in joint tenancy with right of survivorship or assets that are governed by a beneficiary designation. Any consideration of a Will must be accompanied by a complete and accurate list of all assets and how those assets are titled.