Last Will and Testament

A last will and testament is a very flexible document that can be used to achieve a wide variety of estate planning objectives.  A "simple last will and testament" may contain instructions for some or all of the following items: 

• Payment of debts and taxes
• Funeral and memorial services
• Trusts for minor children
• Pet trusts
• Nomination of a guardian
• Nomination of a personal representative ("executor")
• Nomination of a trustee
• Cash gifts
• Charitable gifts
• Distribution of personal property
• Distribution of real estate
• Distribution of business property
• Designation of general beneficiaries
• Disinheritance of beneficiaries

A "complex last will and testament" can be used for other estate planning objectives, including:

• Estate tax avoidance
• Charitable trusts
• Special needs trusts

Whether a will is "simple" or "complex", it can be used to achieve almost any estate planning objective.  However, there are many challenges associated with drafting a will.  For example, the distribution of property may change dramatically with a slight change of wording.  Also, you must understand which items of property are covered by a will.