![]() Or any combination of these instructions.Īccording to current law, a Will must be written on a piece of paper and then signed at the end. Or even simply shared between people “I leave my estate in equal shares between my three children, John, Susan and Daphne”. “I leave $1,000 to my nephew James Green”, or as a percentage of the estate “I leave 10 percent of my estate to St Luke’s Church at 123 Main street”. The distribution of your assets can be done either as a specific “bequest” e.g. There are strategies for moving assets out of your estate, and there may be some good reasons for doing this. Your estate is made up of bank accounts, real estate, investments, possessions and even family heirlooms. ![]() It then goes on to describe the distribution of your “estate” (everything that you own). It usually makes key appointments, for example an Executor who has the responsibility to carry out the instructions in your Will. What exactly is a Last Will and Testament?Ī Will is a piece of paper that firstly states that the document is indeed your Will. We will address all of these questions and more in this article. This question leads to a number of further questions:
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