A Will generally does four things:

1) names individuals or entities (and successors) to be your personal representative in charge of your probate assets when you die (called an Executor);

2) provides the Executor with a blue print of how to distribute your assets; and

3) nominates a guardian for minor children or children with disabilities.

By naming an Executor and outlining his or her powers there is minimal need for Probate Court approval of the estate’s administration which in turn minimizes the costs of administering your estate.

A Will is also an important document to have in place if your heirs are minors i.e. under the age of 18.  If a minor inherits a large sum of money the Probate Court will require a Guardian be appointed for the minor regardless of whether the minor has parents who are living and able to manage the finances.  A minor Guardianship can be a costly endeavor and oftentimes parents are upset to learn that they are not automatically in charge of their children’s inheritance.  In addition, the child will receive the inheritance in full and outright upon his or her 18th birthday.  Our office can help you tailor your Will to avoid a minor Guardianship and even “hold the money up” beyond the child’s 18th birthday to age 21 using the Uniform Transfers to Minors Act or to an age deemed more appropriate based on the size of the inheritance through the use of customized trusts.