Ensure that your estate is passed along to your loved ones.
Wills & Trusts
A Will is the best way to make sure that your assets and belongings are distributed to your loved ones in the manner that you would see fit. A well drafted Will can help your family cope with the challenges of your passing by minimizing the stress of determining what to do with your things while also ensuring that your desires are respected.
A Trust is a legal document that can provide legal protection for the your assets, to make sure those assets are distributed according to your will, create efficiencies, or can avoid or reduce inheritance or estate taxes.
What Is a Will?
A Will is a legal document that communicates a person's final wishes pertaining to assets and dependents. A person's Will outlines what to do with possessions, whether the deceased will leave them to another person, a group or donate them to charity, and what happens to other things they are responsible for, such as custody of dependents, and management of accounts and interests.
Why should I make a Will?
A Will is one of the most important of all legal documents. It is the legal declaration of a person's intentions and desires that he directs to be carried out after his death. By making a will, you can specify how you want your property distributed after your death; you can name a personal representative who has the responsibility to collect assets, pay bills and distribute your estate according to the terms of your Will; you can make charitable bequests; and you can nominate someone in whom you have confidence to be a guardian of your minor children.
What happens if I don’t have a Will?
If you do not have a will, this Will be determined by the laws of the State. In general, the State will determine this by a defined order of priority for those individuals to serve as personal representative of the estate; what heirs are entitled to receive the assets of the estate; and in some instances the Court shall make the appointment of a guardian for your minor children.
Can I change my will? Should I?
A will can be changed at any time before death if a person is competent. You could either draft a new Will, or make changes to the existing will through a document called a "codicil". The codicil must be executed with the same formalities as a Wwill.
A Will should be reviewed whenever a significant change in personal or financial circumstances occurs. For example, a change in marital status warrants a review of the Will. As a general rule, we recommend reviewing your Will every three years to determine if any changes need to be made.
Do I need to file my Will for it to be effective?
No. You can file your Will, but this is not necessary for it to be official. You do need to ensure that it is properly signed by you and appropriate witnesses as required in your state. It is important that you store it in a location where your personal representative or family know, so that it can be referenced when necessary.
What kinds of Trusts are there?
There are many different Trusts, and each serves a different purpose. Some of the more common are:
Testamentary - Also called a Will Trust, this type of Trust specifies how the assets of an individual are designated after an individual's death. These are often used to transfer assets to minor beneficiaries.
Gun - A revocable trust that is created to hold title to firearms. This can protect heirs from accidentally violating National Firearms Act (NFA) violations.
Living - Also known as an “inter-vivos trust,” individual's assets are provided as a trust for the individual's use and benefit during their lifetime. These assets are transferred to their beneficiaries at the time of the individual's death. The individual has a successor trustee who is in charge of transferring the assets.
