A will is a legal document signed by you that appoints a legal representative, known as an executor and trustee (or “estate trustee”), to manage your affairs and handle your assets upon your death. Your will provides binding instructions that your estate trustee must follow. It takes effect upon death and can be changed by you at any time before then, as long as you have the mental capacity to do so. A formal will is a typed document, usually prepared by a lawyer, that must be signed and dated by you, in the presence of at least two witnesses.
In the absence of a will, the court will appoint an estate trustee on your behalf. In those cases, there is no guarantee that your wishes as to who has control over your affairs, the management of your affairs, and the needs of loved ones will be followed after your death.
For more information or to make an appointment to discuss the preparation of a will, contact PooranLaw today.