A last will and testament are a legally binding document that states a person's intentions as to how their properties will be distributed upon their death and as to who will benefit from the deceased person's property before its final distribution. A will often times consists of very specific instructions for how the deceased person's estate will be administered, including instructions as to who will manage the estate, how the assets will be dispersed, how any debts will be paid and who can be made responsible for making payments to others. In addition to these items, the last will and testament often include information regarding who the beneficiary(ies) will be and what they can do during the lifetime of the decedent and after his/her death. It should also be noted that the probate court in each state requires a signed written statement from the testator indicating what type of property (cash, investments, real estate, jewelry, etc.) is owned and to what exact worth the property is. Here is more info about Writing A Will. The purpose of a Will And Testament is to provide a clear, legally binding record of the decedent's intentions with respect to his/her personal property for the remainder of his/her life. Once drafted, a testament is not changed save for the fact that it may be amended by the testator and signators of the document. A will is not considered a legal document by most states and is used to state who the beneficiaries will be and to state what the specific property (cash, investments, estate, jewelry, etc.) is to be distributed under the will. While a will is very important, a testament is even more important. A testament is completely separate from the decedent's personal property and is prepared after research and much consideration. While family and friends may have suggestions and opinions based on their past experiences with the testator, these are not considered as being part of the testator's decision making process. Rather, the decisions made are based solely on the facts and circumstances that exist at the time of the decedent's death. Therefore, if the testator had a sound mind, he/she would have addressed these matters prior to his/her death. If the testator failed to do so, his/her testament becomes legally worthless and has no future value. One of the main purposes of creating a testament in the first place is to protect and assign specific titles to assets without the use of probate court. Unlike probate court, beneficiaries of a testament cannot petition the court for property interests in the decedent's estate (e.g. intestate, revocable trust, etc.) Because a testament is not a legally binding document, it should be prepared by someone who is able to produce a meaningful document (i.e. someone with a sound mind). It is wise to hire a professional to prepare your document, especially if you have many different beneficiaries or many different opinions on key issues regarding the disposition of your estate. Choosing an executor is also more difficult than naming a personal representative. An appointive Trustee is typically selected from among those people who are named in the Will, while an Executor is typically a person selected by the testator. In situations where the testator has no children and a significant number of dependents, the appointment of an administrator can provide the same security as naming a personal representative. Knowledge is power and so you would like to top up what you have learned in this article at https://en.wikipedia.org/wiki/Attorney_at_law.
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