A will, also known as a last will and testament, is a legally enforceable declaration of how a person wants their property and assets distributed after death. In a will, a person can also recommend a guardian for their minor children and make provisions for any surviving pets.
A will is an important component of estate planning. A will ensures that the person's wishes are carried out and can make things easier for their heirs. If an individual dies without a will, the distribution of their property is left up to the government, and may even end up becoming state property. The format of wills can vary, but most follow a fairly uniform layout.
The document usually begins with a statement that the writer is of legal age and making the will freely and without duress. It also attests to the writer's mental soundness at the time the will was made. This section establishes the writer's identity and includes an explicit statement that this final will rescinds all previous documents.
In the will the writer names an executor, who oversees the liquidation and distribution of the decedent's assets according to the terms of the will. The executor must also pay off any outstanding debts and taxes on the estate. The executor may be an attorney or financial expert, or anyone the writer of the will trusts to act responsibly. The executor may be entitled to receive a reasonable fee for services rendered. Fee guidelines may be mandated by the state.
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