Chart Your Path Forward

A will is a type of legal document whereby a person expresses their intentions with respect to the final distribution of their property after their death. If a valid will exists at the time of an individual's death, the whole of their property at the time of their death (i.e. their "estate"), will be distributed pursuant to their will. 

An individual must be eighteen (18) years old to provide instructions for a will. In addition, a person must have testamentary capacity. A person is said to have testamentary capacity when they have the requisite or necessary cognitive ability to prepare a will. In other words, they readily understand, among other things, the nature and scope of their assets, and their class of beneficiaries.

It is important to recognize that drafting a will is a demanding process which requires your active participation. When preparing a will you must provide a full and accurate accounting of your property, and any document that does or may impact your ability to dispose of your property. It is also important to think about who is going to be your estate trustee and your beneficiaries. Your estate trustee is responsible for administering your estate, while your beneficiaries are the people who will receive property in accordance with the terms of your will.  These are important decisions which should be given serious consideration.

While drafting a will is a demanding process, it is well worth the time and money. A will provides you the opportunity to communicate how you want your property and assets distributed after your death and can significantly reduce the costs associated with administering your estate. Adults of all ages should consider drafting a will, particularly, if a significant life event or change has taken place, such as the purchase of property, the birth of a child, or marriage or divorce.