Estate Planning - The Roles People Don’t Know About
What different roles need to be considered when preparing your will?
A will is a legal document that outlines how a person's assets and property will be distributed after their death. a will is not just a list of instructions about who gets what. It also involves several different roles that people play to ensure that the deceased person's wishes are carried out correctly.
Here are some of the different roles that people have in a will:
Testator: The testator, or grantor, is the person who creates the will. They are the ones who give. They are responsible for making decisions about how their assets and property will be distributed after their death.
Executor: The executor, or personal representative, is the person who is responsible for carrying out the instructions in the will. They are the ones who do. They are appointed by the testator and are responsible for managing the deceased person's assets, paying any debts, and distributing property to beneficiaries.
Beneficiaries: The beneficiaries are the people or organizations that the testator has chosen to receive their assets and property. They are the ones who get. They are named in the will, and the executor is responsible for distributing the assets and property to them.
Guardians: If the testator has children under the age of eighteen (18), they may appoint a guardian to take care of them in the event of their death. The guardian is responsible for providing for the children's needs, making decisions about their upbringing, and managing any assets that the children inherit.
Trustees: If the testator has set up a trust in their will, they may appoint a trustee to manage the trust assets and distribute them to the beneficiaries according to the terms of the trust.
Witnesses: A will must be signed in the presence of witnesses. The witnesses are responsible for verifying the testator's signature and ensuring that the document is legally binding.
Attorneys: This is HAYDEN LAKE LAW, PLLC. we provide guidance on the legal requirements for creating a will, ensure that the document is legally binding, and counsel you on the process every step of the way.
In conclusion, a will involves several different roles, each with its own responsibilities. By understanding these roles, you can ensure that your own will is created correctly and that your wishes are carried out. Schedule a time to meet with HAYDEN LAKE LAW, PLLC to assess your needs, and create your plan.