A Last Will and Testament is a legally binding document that allows you to designate how your property will be distributed upon your death, who will serve as guardian of your minor children, and who will settle your estate upon your death.

What should a Last Will and Testament include?

A person’s last will and testament outlines what to do with possessions, whether the deceased will leave them to another person, a group or donate them to charity, and what happens to other things that they are responsible for, such as custody of dependents and management of accounts and financial interests.

Do you need a last will and testament for a non-US citizen?

At the very least, a Last Will and Testament with the Qualified Domestic Trust language needs to be prepared for a non-U.S. citizen. If both spouses are U.S. citizens, they can give an unlimited amount of assets to each other without incurring a gift tax. Tax free annual gifts to anyone other than a spouse are limited to $14,000 per year.

What happens if you die without a will and testament?

If you prepare a last will and testament, you can name your spouse so they inherit probate assets when you die. If you die without a valid will, your state’s intestacy laws determine the distribution of probate assets.

What happens to probate assets when you die?

The trust agreement specifies who inherits when the person who created the trust dies. Probate assets are any assets that do not meet the previous description of nonprobate assets. If you prepare a last will and testament, you can name your spouse so they inherit probate assets when you die.

When to review Your Last Will and testament?

You should review your Will from time to time to ensure that it still meets your needs and that your property will be distributed according to your wishes. It is especially important to review your Will on the following events: You get married or divorced (a change in marital status may void your Will);