Estate Planning: Wills
What is a Will?
A Will is a common instrument used to enable a person to designate the beneficiaries of their estate. Wills allow you to make specific bequests. For instance, if you want your daughter to receive your diamond necklace, your friend to receive your sports memorabilia, or a certain amount of your estate to go to a charity, a Will enables you to make the specific designation.
Wills also enable you to choose whom you wish to be the executor or administrator of your estate. Furthermore, they can be used to state preferences for whom you wish to be guardian of your minor children.
Since Wills do not go into effect until death, deeds to real estate, title to property and names on financial institution accounts can be held in the name of the person, unlike living trusts, which require those items to be titled in the name of the trust. There is no such thing as a “Living Will.” This is a misnomer for granting someone a power of attorney.