Last Wills and Testaments

Your Last Will and Testament is a set of directions as to how property is to be distributed after death.  You, as Testator, name an Executor to carry out the terms of your Will. 

Generally, the Executor is directed to

1. Determine what property is in the probate estate;
2. Determine what debts, taxes and other claims are owed by the Testator at death or as a result of his death, such as funeral and burial expenses;
3. Pay all legitimate claims and taxes, selling assets, if necessary to pay these claims;
4. File an Inventory and Accountings with the Commissioner of Accounts who must review and approve the Executor’s actions before administration of the estate is completed; and
5. Distribute the balance of the assets to the named beneficiaries.

With a Will, you can

1. Include a list of tangible personal property, such as jewelry, items of furniture, collections of coins, guns, stamps or dolls, to specific individuals or organizations;
2. Leave specific sums of money to individuals;
3. Provide that in the event a spouse or other named beneficiary dies prior to the Testator, that assets will be paid to other designated beneficiaries, such as  children;
4. Make unequal distributions to children, or exclude one or more children from receiving any property; and
5. Designate the executor you wish to serve, and an alternate executor, should the person you name fail or be unable to serve.  You may appoint an individual, or a corporate fiduciary, such as a bank or trust company to serve as executor. 

If you name your spouse or another individual to serve as your executor, they may not have any idea what the job requires.  They should hire an attorney, CPA, and/or financial advisors for guidance and assistance as needed.

If you are considering remarrying following a divorce or death of a spouse, it is crucial that you review and update your will, and, if necessary, execute prenuptial agreements with your prospective spouse.

Failure to update your will when remarrying may result in unanticipated distributions of your assets, depending upon the requirements of the law, the terms of the divorce decree, the prenuptial agreement, if any, and the lineage of any children involved.

The Probate Estate administered by the executor may not include all of the assets of the decedent.  The probate estate does not include assets that are

1. Held in joint name with right of survivorship which pass automatically to the surviving title holder; or
2. Payable by contract to designated beneficiaries, such as
   • Life insurance policy benefits payable to a named beneficiary;
   • Bank accounts that name a Payee on Death (POD);
     
   • Securities accounts that name a Transferee on Death (TOD); and
   • Qualified plan benefits, such as IRAs or 401(K)s or 403(b)s, that specify a designated beneficiary.