|
A will is the most commonly used estate planning tool. A will can be simple or complex, depending
on the purpose of the individual (the testator) and the size of the estate. Not only can a will distribute
assets, but the testator can use it as a tool to appoint certain individuals who he/she wants
to perform vital functions once the testator is incapacitated or deceased. For example, if the
testator has minor children, he/she may nominate a guardian who will take care of the minor children in the
event that both parents are deceased. A will also allows the testator the opportunity to nominate a personal
representative; a personal representative is someone who handles, among other things, the
distribution of the assets.
|
|
