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 What is a Last Will and Testament?
A Last Will and Testament is similar to a Trust in that it is used to pass property to beneficiaries of your estate. Every gay and lesbian person living in a State that does not legally recognize their relationship should -- at a a minimum -- have a Last Will.
A Last Will and Testament is a testamentary document (a document that creates, extinguishes or transfers and interest in or right to an asset or property after someone dies) that does not take effect (become valid) until the testator (person signing a Will) dies.
Even if you create a Trust, you still need to make out a Last Will and Testament -- otherwise, you die Intestate (without a Will) and your estate will be subject to intestate succession your State legislature has determined a succession of people who stand in line to inherit your property after you die. Those people are a legal spouse, your parents, children, siblings, aunts, uncles, nieces, nephews and cousins - not your partner or non-biological children.
If your estate plan includes a Living Revocable Trust, your Last Will should contain a “pour-over” clause directing that all of your assets be given to the Trustee of your Trust. The pour-over clause will help to keep your estate out of Probate because any asset or property that you did not "put-into" your Trust prior to your death will "pour-into" your Trust estate after your death.
A Last Will and Testament allows you to:
There are three major drawbacks to using a Last Will and Testament without a Living Revocable Trust:
1. any property passing to your partner, family, friends or other beneficiary pursuant to a will is subject to the costly and time-consuming process of probate;
2. a Last Will can, and frequently is, contested by the biological family of the decedent, especially if they have not come to terms with choices during life;
3. a Last Will and Testament is public. Anyone can go to the courthouse and read the contents of your Last Will after you die.
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