Components Of A Last Will And Testament
A last will and testament is a legal document that communicates a person's final wishes pertaining to possessions and dependents. It generally consists of four parts:
- Part one deals with how your final bills will be paid.
- Part two deals with how the cost of settling your estate and any estate taxes and/or inheritance taxes will be paid.
- Part three deals with who will be in charge of overseeing the settling of your estate (the Personal Representative/Executor) and what powers they will have, and, if you have minor children, who will be responsible for raising the children (the Guardian/Conservator).
- Part four deals with who will get the balance of your estate, how they'll get it, and when they'll get it.