A last will, sometimes referred to as a last will and testament, is a legal document that provides instructions to a judge as to what happens to your estate after you pass away.
The last will nominates your personal representative (you may know the role more familiarly as the executor or executrix), who is charged with going through the State’s probate process and ultimately distributing the assets of your estate in accordance with the distributions you set forth in your last will. A last will is only effective upon your death, meaning that if you became incapacitated, there are no built-in decisionmakers – a court-appointed guardian and/or conservator may be needed.
Most people think that when you plan your estate with a last will, their family will not have to go through the State’s probate system. This is just not true. A last will will go through probate.
If you have a minor child (under the age of 18), a last will is a critical piece to your estate plan. The last will is where you, as the parent, nominate the guardian of your minor child if you were to pass away. Every single parent should have a last will.
When planning with a revocable trust, the last will is important to be a safety net for any asset not titled into your trust’s name. This type of last will is known as a “Pour Over Will.” A pour over will go through probate, but after the probate is complete, the asset that was not already titled in your trust will be poured (also known as retitled) into the trust – allowing the trust, and all of its protections and provisions, to distribute to your loved ones.
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