A Last Will and Testament is an estate planning document that dictates to the Probate Court who your heirs are and how you want your estate divided upon your death. It further designates guardians in the event your children are minors. This document, unlike a properly drafted and funded revocable living trust, does not avoid Probate Court jurisdiction. Instead, the document merely puts the court on notice that you would like your estate distributed in a certain manner.
It is important to include this document in all estate plans, whether your plan includes a trust or not. Further, if you have a trust plan, but did not properly fund an account or asset into your trust, a Last Will and Testament will ensure that the asset is distributed to your trust for proper disposition.
