Last Will & Testament
A Last Will and Testament is the most basic estate planning document. The creator of the Will (Testator or Testatrix) directs where they want their estate assets to go and in what percentage. Since many assets have a beneficiary or joint account holder there may be fewer probate assets. A named Executor or Executrix will be in charge of gathering any estate assets, completing any Probate documents, and overseeing their filing with the Surrogate’s Court. Wills may have “testamentary trusts” built-in to cover instances where a minor or disabled person may inherit assets, as well as other more specialized circumstances.
While wills can serve as powerful estate planning tools, they are only effective if they are properly drafted to suit the needs of each individual. The team at The Feller Group, P.C. are available to go over Will drafting options, choosing an Executor, and the Probate Process.
You Can Choose the Executor of Your Estate
The most essential person involved with the administration of your estate is the administrator or Executor. This is the individual you place in charge of your estate following your death. The Executor you choose will have the legal responsibility to handle and resolve all financial obligations as well as other responsibilities, which may include:
Appearing in court to represent the estate
The Estate Planning attorneys at The Feller Group, P.C. will work with you to help you appoint a primary Executor as well as a successor to ensure your wishes are carried out as you desire. If you fail to have a Last Will & Testament in place, the courts will appoint someone for you, known as an administrator, to handle your estate, and your assets will be divided according to state law (intestacy).