Why should you plan your estate?
-You should plan so your wishes are carried out.
-If you do not plan, the state plans for you.
-You are able to remove the burden from your family during a sensitive time.
-Having a will allows you to decide who receives what property.
-If you have minor children, you can nominate their guardians.
-You can choose who will collect and manage your assets, pay your debts, expenses, and any taxes due. Then with approval by the court, the executor distributes your assets to your beneficiaries.
-It is cheaper. In a will, you can waive bond and other fees that are associated with probating an estate.
Testator-person who makes a will
Executor-person named in will to carry out provisions listed in will
Beneficiary-one who is chosen to benefit from the will
Trustee-one who holds property in a trust for the benefit of another and owes a duty to the beneficiary.