Last Will and Testament
How is a Will and a Last Will and Testament and a Living Will different?
The term Last Will and Testament is many times used interchangeably with the word “Will”. A last will and testament (AKA Will) controls what happens to all real property and personal property that a deceased person owned in his or her name alone at death. The last will and testament can state who the beneficiary is of your money and/or property. A Will can also include trust provisions within it, such as when it provides for minor children after your death. This is called a testamentary trust.
Magellan Law is a Scottsdale law firm that can help you set up all aspects of your Will to include instructions regarding your real property, personal property and other possessions. If you have minor children, your Will is probably the most important document in your Estate Plan since you will need to appoint a Guardian for your children should you pass away untimely. Your Will can also outline how you wish your children to be raised in case of your death. As part of your proper documents portfolio, your Will can also appoint a special representative to distribute funds and property to your children once they become of legal age.
It’s important to set up guidelines in your Will and the Estate Plan for your business. Many family businesses are lost because the heirs were too young to understand the business and the importance of different aspects of the business. If there are no final wishes written down to instruct them how to execute the business plan, they will most likely fail before they begin. Helping your family business survive for many generations by writing down business details now, will make it easier for these heirs later on. At Magellan Law we can help with all of these important business planning needs.