The Basics:
Testatrix & Testator, executor, and beneficiary; they may sound like complicated terms, but these and others are just legal jargon for some pretty core concepts that go with what your Will is trying to accomplish down the road. At the very foundation, your Will is an instruction manual for how you would like your individually owned assets, or your probate estate, to be distributed at the time of your death. These instructions can be simple or complex depending on the person and their wishes, but all a Will does is dictate how those distributions will be carried out. One term you might hear during the drafting process might be beneficiary, this is a term that describes the people who will receive your assets, however large or small the distribution may be. Oftentimes beneficiaries take the form of spouses or children, but anyone you wish can be included as a beneficiary in your Will.
Another term of art is executor, this is the person you appoint through your Will to make sure the Will’s instructions are implemented as written. Some people have trouble finding someone they trust with this position, and if that happens to be the case, you can choose to appoint an attorney or other trusted professional to be an impartial executor for your estate. And that scary term at the start, being a Testator or Testatrix, well that just happens to be you! A Testatrix is any woman who makes up her will, and a Testator is any man who does the same. The important part is not to get overwhelmed by the terminology and just start thinking about what you would like to see happen to your things upon your passing. If you can provide the plan, we can provide the language needed to achieve it.
Your Job:
So, what is it exactly that an Attorney will need from you if you approach them wanting to have your Will written? In general, you will need to tell your Attorney who receives your assets, and how. More specifically, (1) make note of any specific assets that you would like to pass to specific people, (2) determine who will receive the remainder of your assets after providing for any specific bequests, and (3) voice your concerns if you think one or more of your beneficiaries should not receive any assets directly (ex. minor children, beneficiaries not good with handling money, beneficiaries that are receiving state or federal benefits, etc.).
Once the beneficiaries have been determined, you will need to appoint your Executor. The position of Executor requires someone who is able to meet deadlines, keep organized records, and stay on top of filing a fair amount of paperwork with both financial institutions and the probate court, so carefully consider who you know that might possess these skills and would be willing to take on the job.
What We Do to Help:
At KKC LAW, our number one priority is to make sure that you have a plan that is tailored to achieve your specific estate planning goals. We don’t use “one size fits all” documents, as we believe that your estate plan should be as unique as you are.
If you are ready to start the process of preparing your estate plan, we will carefully walk you through all your options and help you to make informed decisions in implementing a plan that best suits your needs. Visit our Estate Planning page and see if KKC is right for you!
Learn more about Attorney Poirier by visiting her staff page here. Feel free to contact either Attorney Poirier or our firm using this link with any inquiries on your estate planning, probate, or any other legal needs.