Wills: The Basics

 The Will is the cornerstone of any estate plan. It is a legal document that coordinates the distribution of your assets at your death

 Neglecting to create a Will puts the distribution of assets and welfare of dependents in the hands of government authorities and courts.

 A Will allows you to:

 Appoint an executor to fulfill your wishes

 Designate beneficiaries for your assets

 Distribute assets in the manner, timing and amount of your choosing

 Appoint guardians for minor children in your care

An Executor will represent you when you are deceased. This person is known as your “executor” or “executrix”, while some jurisdictions simply refer to them as a “personal representative” .

Wills: Choosing Executors

Who you choose as an executor is extremely important. This person or persons will be “executing your Will” on your behalf after you are deceased.

An executor will act in accordance with your Will to ensure directives are followed.

Wills: Choosing Executors (continued)

 The following characteristics should be assessed when choosing your representative:

 Trustworthy and honest

 Organized

 Responsible

 Discreet

 Intelligent

 Available

 Financially literate