All assets held in a person’s name and not otherwise subject to other transfer, on-death mechanisms (like a Pay on Death bank account) transfer pursuant to a will. Assets held in a trust do not transfer as part of the will.
A last will is only effective upon your death. As a result, if you become incapacitated, a court-appointed guardian and/or conservator may be needed, if you do not have a Power of Attorney in place to make life and financial decisions.
Most people think that when you plan your estate with a last will, their family will not have to go through the State’s probate system. This is not true. A Last Will will go through probate.
If you have a minor child (under the age of 18), a last will is a critical piece to your estate plan. The last will is where you, as the parent, nominate the guardian of your minor child if you pass away, and the other parent does not survive you. Every single parent should have a last will.