Will – The Basic Docutment

A Will is a writing by which you make provisions for the disposition of your property after you die. Most Wills also appoint a personal representative and provide for the payment of your debts and taxes. The personal representative will gather your property and make distributions according to the Will. In most states, certain formalities must be observed before a Will is valid. Although Wills can solve many estate issues, and are better than doing nothing at all, Wills have their disadvantages. First, a Will has to be probated. Probate is a court-supervised process accounting for your property, debts and distributing your assets. It is slow, time consuming, and expensive. Second, a Will cannot provide for a plan for mental or physical disabilities while you are living. Third, a Will does not protect your privacy and that of your family’s. Fourth, a Will can be easily contested.