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WILLS
A will is a legal document that explains how a person wants their affairs settled upon death and who should be entrusted to ensure those matters are taken care of. The most commonly recognized use of a will is to direct the distribution of the remaining assets upon ones death. There are a variety of other important reasons. For example parents of young children, even if they have few assets, should have a will to designate a guardian for the children.
There are some limitations as to what can be distributed by your will. The last will and testament can only dispose of assets that are in the sole name of the person who has died. It cannot dispose of assets that are held in trust, that are jointly owned with others, or that have a beneficiary designation such as IRA, life insurance policy, or annuity.
At the time you write your will you should appoint someone as the executor. The job of the executor is to assure that the provisions of the will are followed. The executor does not have to be a member of the family, but they must be at least eighteen years old.
TRUSTS
A trust is sometimes thought of as a little more sophisticated tool in estate planning but acts in a manner similar to a will, that is as a legal document that explains how a person wants their affairs settled upon death and who should be entrusted to ensure those matters are taken care of. Trusts are often used to expedite the settlement of an estate, avoid probate and the fees and involvement of the courts, minimize tax liability, maximize privacy and protect assets and the status of those who are eligible, or may seek to become eligible, for government benefits such as Medicaid or SSI.
The Misrok Law Firm, LLP, are experienced wills and trusts attorneys who can help you understand whether a trust and/or will can accomplish your goals and be cost effective for your situation.
In preparing for a consultation with a wills and trusts lawyer you should be prepared to discuss:
• The status, location and amount of your assets
• How you would want to divide your assets
• Family Tree
• As much detail as you can on your spouse, children, parents, siblings, grandparents, grandchildren, uncles, aunts, cousins, great grandparents, etc.
• Who you want to carrying out your last wishes (Executor, Trustee, Guardian, etc.)
• Who should distribute assets pursuant to the will or trust
• Who should be guardian of minor children
• Who should be in charge of day-to-day decisions
• Who should be in charge of financial decisions
Disclaimer:
The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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