What is a Last Will and Testament?

A feature article by dmf32835, Mar 31, 2008         

A will is a legal form that will ensure your estate gets divided how you desire. The person who owns the estate (money and belongings) is called the 'testator'. Without a will your estate is wide open to conflicts, problems, and lawsuits. For example your relatives may have a huge dispute over the property, which will lead to lengthy court proceedings and legal fees for lawyers, etc.

Although there are many benefits to having a last will and testament, the law strictly views the document as a testator regulating the rights of others over his property upon death.

The traditional will is the last will and testament, which is sometimes called a testamentary will. This will covers the disposition of personal property upon death and may also cover the testators wishes concerning who becomes the guardian over a minor child. This document is legally binding.

When your preparing your last will and testament items of personal importance or of high value should only be included in a will. Whoever is receiving these valuables is called the beneficiary. The term 'heir' often gets confused with the term beneficiary. A heir is some one who inherits an estate without the help of a will.

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When the testator creates the will he must appoint an executor. An executor is some one who will handle all the administrative responsibilities of the will. The primary responsibility of the executor is to make sure the will is executed based on the testator’s wishes. The executor is also responsible for ensuring that the items named in the will are correctly distributed to the beneficiaries.

Avoiding conflicts is the main reason why you want a last will and testament. Without a will to specify what assets go to whom, disputes, problems, etc. will most likely arise. You can even specify to give some of your assets to a charity. In all, this will give you a legal platform to deal with the distribution of your assets past your death.