A Last Will and Testament is a legal document that allows a person to express their wishes as to who will receive their assets after their death. One or more persons called “executors” can be appointed who have the power to settle the estate. The executors can be appointed as Co-executors or in successive order. A Last Will and Testament only controls assets titled in that person’s name alone (not jointly held assets or accounts with beneficiary designations). Most importantly, a Last Will and Testament does NOT avoid Probate. Typically, they are the GATEWAY to Probate.
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