Wills – What are they?
A will is an instrument used to direct how a person’s estate will be administered upon their death. A will does not take effect until the person dies so it can always be changed during a person’s life.
A will can be simple or complex. There are many different types of wills. Each state has their own laws for wills and estate administration.
A will only provides for the property within a person’s estate at the time of their death. Property outside of the estate will not be distributed according to the will. Real property with a right of survivorship component does not become part of the estate. Retirement accounts and insurance policies with beneficiary designations do not become part of the estate unless the estate is designated as the beneficiary or the designation fails.
A will may not be the right instrument for your estate planning needs. Contact Wickward Law Office to discuss your specific needs.