What is a Last Will and Testament?

A legal document that outlines an individual's wishes regarding the distribution of their property and assets after death. It typically names an executor to manage the estate and beneficiaries to inherit specified items or funds. The will may also appoint guardians for minor children. It becomes effective upon the testator's death, subject to probate court validation.

Use a Last Will and Testament if any of the following apply:

• You want to specify how your assets (e.g., money, property) are distributed after death.
• You need to name an executor to oversee your estate and execute your instructions.
• You wish to appoint guardians for minor children.
• You understand it takes effect only after your death, following probate court approval.

Appointment of Executor Duties

The Appointment of an Executor in a Last Will and Testament designates a specific person (or entity) to manage and settle the deceased’s estate. The executor’s responsibilities include:

• Administering the Estate: Ensuring the will’s instructions are followed, such as distributing assets to beneficiaries.
• Handling Finances: Paying debts, taxes, and final expenses from estate funds.
• Legal Oversight: Filing the will with the probate court and resolving disputes.
• Asset Management: Collecting, valuing, and protecting the deceased’s property until distribution.

Lawyers are not typically appointed as executors in a Last Will and Testament unless the testator specifically chooses one. Most people appoint a trusted family member, friend, or close associate as executor due to familiarity with their wishes and personal trust. However, lawyers may be selected if the estate is complex, involves significant assets, or requires legal expertise to navigate disputes or probate.

Laws

*Required to be in written format to be legal. A verbal last will and testament, even if witnessed, is not legally valid in any of the 50 states.

*Louisiana is the only state that legally requires a last will and testament to be notarized.

*Every state requires at least 2 witness signatures for to be legal.