Last Will and Testament
A will is a legal document that explains in detail what you want to happen after you die. Although not as important as previously with the evolution and wide-spread use of trusts, wills are still a vital part of an estate plan. This includes your final wishes regarding your remains, as well as how you want your money, assets, and property to be distributed. If you have minor children, you appoint guardians in your will. In addition you name an executor who will be in charge of your personal obligations such as the filing of your final tax return. In addition, if some asset is left out of the trust inadvertently, a pour-over will can ensure that property is poured into your trust on your death and distributed pursuant to the terms of your trust. As such, wills are still important to a complete an estate plan.
Although wills are often beneficial for those who have money and property valuing less than $150,000, they still require the probate process. After the individual passes away, the document will have to be verified as the true will before a probate judge, and the property will then have to be distributed through estate litigation and trust litigation. This process could be avoided by drafting a living trust, instead.
If you would like to arrange a discussion regarding these matters in more detail, please feel free to contact our office to discuss your objectives.