WILLS AND LAST WILL AND TESTAMENT

Everybody needs a will, sometimes called a "Last Will and Testament." Wills are the most basic of estate planning documents. A will tells the world who you want to get your assets. Die without one and the state decides who gets what, without regard to your wishes or your heirs' needs. Good planning can also enhance your support of religious, educational and other charitable causes. Even if you have a trust, you still need a will to take care of any holdings outside of that trust when you die.

A will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A will only becomes effective upon your death and after it is admitted to probate. Everyone who is concerned how their estate will be divided should (at the very least) have a current and valid will. Within a will, you describe several things:

• Who you are and what right you have to give away property
• A description of the property itself
• Exactly who you want it to be distributed to

Each family's situation is different. For some, a will is sufficient; however, it is the most basic of estate planning documents. If you wish to preserve your wealth for generations to come, then you may want to combine a will with other advanced estate planning techniques. As you put your estate plan into place, we can help you avoid many of the pitfalls associated with the lack of proper planning. Please feel free to contact the attorneys at Ossinsky & Cathcart, P.A. for assistance.