LAST WILL & TESTAMENT

A Will is the part of your estate plan which states how your "probate assets" are to be distributed after your death.

(Your Will does not affect "non-probate assets," which are paid according to a beneficiary designation that you make.

Examples of non-probate assets typically include life insurance, retirement plans and benefits, bank accounts, annunities, items held as joint tenants with right of survivorship, and assets held in trust.

A Will can also specify who will care for your minor children, minimize or eliminate estate taxes, make gifts to close friends,loyal caregivers or favorite charities, and establish a trust to hold and manage funds for a child who is too young or irresponsible to manage the funds for themselves.

In summary, a valid Will puts you (rather than the State) in control, and avoids many of the problems associated with dying without a Will.

You may modify your Will at any time you choose, provided that you are still mentally competent to do so. However, you should not under any circumstances make handwritten, typewritten or any other changes to your Will.

If you make any changes to your Will, you will void it. If you decide to change your Will, you must prepare a new Will or a formal Codicil to your existing Will.

You do not need to file your Will because it will have no legal effect until your death.

The difference between a Will and a Living Will is a Will specifies what happens to certain property upon your death. It has no legal effect whatsoever as long as you are alive.

A "Living Will" is a common name for what the law calls a "Directive to Physicians." A Living Will specifies whether to withhold or withdraw life support when your physician determines that your death is imminent and unavoidable.

If you would like to discuss this or other estate planning issues, please contact Moye Law Office.