What is a will?
A will is a written document that goes into effect when you die. It nominates a person to handle your affairs post-death and it directs who should receive your property. For families with minor children, a will gives you the opportunity to choose who you want to care for your children in the event of your untimely death.
- specifies how you want your property to be divided and who you wish to receive your property
- appoints permanent guardians for your minor children
- names the person you wish to wind up your affairs (executor or personal representative)
- can include estate tax planning
- can include income tax planning
- can provide asset protection for heirs/beneficiaries through testamentary trusts created during the probate process
A will does not:
- avoid probate or the costs associated with probate
- provide for disability or incapacity planning
- control for accounts and property directed to others through beneficiary designations, such as life insurance or retirement benefits
A will can be canceled or changed during your lifetime. A will may cost lost less than a trust on the outset, but it could cost more in the long run to settle your estate through the probate process.
To find out if a will is right for you, click below to schedule a free 15-minute Introductory Call, or use my online form.