In essence, a Will is a written document
which leaves the estate of the person who signed the will to named
persons or entities, including shares or percentages of the estate,
specific gifts, and the creation of a testamentary trust.
A will usually names an executor
to manage the estate, states the authority and obligations of the executor
in the management and distribution of the estate, sometimes gives funeral
and/or burial instructions, nominates guardians of minor children and
spells out other terms. To be valid the will must be signed by the
person who made it, be dated and witnessed by two people. If the will
is still in force at the time of the death of the testator, and there
is a substantial estate and/or real estate, then the will must be approved
by the court, managed and distributed by the executor under court supervision.
If there is no executor named or the executor is dead or unable or
unwilling to serve, an administrator will be appointed by the court.
If there is no estate, including the situation in which the assets
have all been placed in a trust, then the will need not be probated.
