Understanding Wills | Practical Law

Understanding Wills | Practical Law

A Practice Note explaining how wills fit into estate planning and discussing key will-drafting considerations. This Note focuses on the laws set out in the Uniform Probate Code and identifies notable state exceptions. This Note addresses the difference between probate and non-probate assets, when wills are appropriate as the primary vehicle for transfers at death as opposed to beneficiary designations, joint ownership, or trusts, and the requirements for a valid will, as well as key will provisions like appointing a fiduciary to administer the estate (commonly referred to as a personal representative or an executor or administrator), making bequests, and waiving bond.

Understanding Wills

Practical Law Practice Note w-016-2930 (Approx. 48 pages)

Understanding Wills

by Practical Law Trusts & Estates
MaintainedUSA (National/Federal)
A Practice Note explaining how wills fit into estate planning and discussing key will-drafting considerations. This Note focuses on the laws set out in the Uniform Probate Code and identifies notable state exceptions. This Note addresses the difference between probate and non-probate assets, when wills are appropriate as the primary vehicle for transfers at death as opposed to beneficiary designations, joint ownership, or trusts, and the requirements for a valid will, as well as key will provisions like appointing a fiduciary to administer the estate (commonly referred to as a personal representative or an executor or administrator), making bequests, and waiving bond.