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August 11, 2010

What is a will?

A will is a legal document that becomes effective only upon the death of the person who created the will. The will specifies the beneficiaries and what share of the estate each will receive. The executor is also named. Trusts may be established within the will. It is very important to follow all legal requirements of the applicable state when setting up and signing a will.

How do you decide who to name as executor?

You must determine who you trust to carry out your wishes and that person or entity can be your executor. Family members, friends or financial institutions are often named executor of a will. Your attorney will be able to assist you in making this decision.

Source: National Academy of Elder Law Attorneys, Inc.

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