A last will is a formal legal term for a will. The phrase “last will” appears as part of the phrase “Last Will and Testament.”. Previously, the term “will” referred to distribution of real property at death. The term “testament” referred to personal property distributions. A “Last Will and Testament,” therefore, was two ...
 · To create a last will and testament, you need the assistance of an estate-planning lawyer. In addition to this, it is important to include your own version of your last will and …
These are your “heirs.” Your heirs would include a wife, whether they are a real wife or simply claiming they are your wife or spouse. Your heirs would include all of your children or those who might be your children, whether they are a legitimate child or an illegitimate child. You will need to identify your brothers and sisters as potential heirs. This is because it is likely the probate court whether you have a Will or do not have a Will, will insist these people be identified.
The reason a person wants a Last Will and Testament is so they may decide what happens with their affairs (to the extent the law allows) after their death. You decide who gets what. You decide who handles the business affairs. You decide whether and how they are compensated.
Executors have all those powers, plus the powers and authority you give them (to the extent you can give power) in your Last Will and Testament. This additional sets of powers can include the specifics of assets sales, assets given as part of your Codicil, and other matters you include in your Will.
Here are the differences: Executor = a male person who is named in your Will to take charge of your Estate. The Executor is responsible for wrapping up your paperwork and other legal affairs and distributing your assets to whomever you name in your Will. Executrix = a female who fulfills the role of an Executor.
They will have a period of time under the law to make claims against your estate. Your estate is the total amount of property you “own” after your death.
Persons who die without a Last Will and Testament are known as dying “intestate. ”. This means their property and the other matters relating to their death (from a legal standpoint) are decided according to the laws of intestate succession as applies to the state in which they resided at the time of their death.
It is normal in a Last Will and Testament to put a paragraph as to what your desires are for who should serve as a guardian/custodian for a minor child after your death. It is important to note; you do not have the power to decide who will actually be the guardian or custodian of your minor children after you die.