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will or testament is a document by which a person (the testator) regulates the rights of others over his or her property or family after death.

Among all of the possessions you may own as successful business persons; quite possible the most important item you can own is a Last Will and Testament. Without it, all of your possessions, your hard work, could result in a long procedure in your state probate court to determine who of your survivors get the things you have left behind. Be sure to make time to complete this small, but important task that will protect your investment not only for yourself, but for your family.
Many people do not realize how important it is to make a will, and do not understand the five major ideas to understand when making a will
Do not think that when you have drawn up your will you have taken care of your estate. Your financial status, the people around you change and so are your wishes.
Just like life insurance a person is not required by law to have a LAST WILL AND TESTAMENT. However, it is prudent to write one for the benefit of one’s survivors. Such a document, drawn properly, avoids legal battles among survivors and unnecessary delay in obtaining ownership and claim to the deceased estate. Under the Uniform Probate Law (model law passed by professional association) and the laws of most US states, any individual 18 or more years of age who is of sound mind may make a will.
In a recent article prepared by the Probate Court of Athens-Clarke County, Georgia, the probate court stated that, "The wisest money a person may spend for an attorney is for the preparation of a will and related estate planning documents."
A Will is used to specify last wishes, distribute property to beneficiaries, and name guardians for minor children. It is an important part of any estate plan and when a person dies without a Will, the State will ultimately make these critical decisions for you.