A will is what most people think of when they think of estate planning. A will sets out who will inherit (the heirs), what (assets) they will inherit, and how they will inherit (whether outright or in trust) upon the death of the testator (person who wrote the will).
A will becomes effective upon death. Many people stress about the finality of a will and decide to do nothing because they are so worried about it being final. I am sure that is why most people do nothing and let the legislature decide who will inherit their estate under the terms of our Estates Code.
I encourage my clients to do their best to execute their wills with the best information they have now. One thing we can be sure of is that life will change. Our children grow up. They may marry, divorce, and have kids of their own. With each life change, it is important for us to reassess if we need to change the terms of our will and/or who will act as executor to carry out our wishes. A will becomes final upon death, but we can make changes to a will as long as we have the capacity to do so.
