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Last Will and Testatement (Wills)

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A will is a legal document that appoints a personal representative (aka executor) to act on a person’s behalf beyond their lifetime. An executor is the person who has authority to collect estate property (property owned by the decedent), pay final expenses, and distribute assets to the beneficiaries of the will. Estate property consists only of property that does not have a living owner and does not have a living beneficiary. That said, if a will designates person A as beneficiary of a bank account but the bank account designates person B as beneficiary of the same account, Person B would inherit the bank account on the owners death.

A will can only collect up toPeople that own real estate or have larger bank accounts usually create a trust in addit

Since major assets generally name a beneficiary or are transferred to a trust, the will generally is used to distribute the contents of a person’s home (furniture, jewelry, electronics, artworks, etc.).