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Q.What can I do with a Will?
A.In your Will, you can:
- List your beneficiaries and what you want them to receive when you pass away;
- Prescribe whether the property you leave to any or all of your beneficiaries will be transferred directly to them or put in a trust, and if in trust, the terms of that trust;
- Name a guardian to take care of your minor children if you and your spouse die before your children reach 18; and
- Name an Executor to manage your estate, pay debts and taxes, and distribute your property to your named beneficiaries
A Will only controls probate assets. Non-probate assets such as life insurance, pension and profit sharing plans, "paid on death" bank accounts, and certain property held in joint tenancy with the right to survivorship can not be disposed of in a Will. It is important that you check the named beneficiaries on such non-probate assets.
A Will can be altered, changed, or revoked any time while you are alive and mentally competent.
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