WILLS

The building block of any estate plan is an appropriate last will and testament, often simply referred to as “will.” A will establishes how property interests owned in the decedent’s name alone will be handled after the decedent’s death. The requirements for a valid will vary somewhat by the various state laws. A will also allows the naming of a person who will administer a person’s assets and estate after death. That person is known as an executor. Wills often contain trust provisions allowing for longer term management of assets for children and/or beneficiaries with disabilities as well as for other reasons.