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.