Wills provide many benefits that well outweigh the discomfort of bringing up the subject in the first place. Just considering the following benefits:
- Wills allow you to choose an executor of your estate
- Wills allow you to choose guardians for your young children
- Wills allow you to choose trustees for your estate
- Wills ensure that properties are distributed per your wishes
- Wills spell out how to pay estate taxes and other debts
- Wills will also help you minimize your estate taxes and costs
Choosing an executor should be one of the first steps in planning a will. The executor is like a representative who locates the will, collects the assets and distributes any remaining assets to beneficiaries after paying legitimate credit claims and estate taxes. If you have minor children you’ll also want to use your will to nominate guardians and trustees to take care of them and assets if you should pass away.
How Will is different from Living Trust?
Both a Living Trust and a Last Will accomplish a similar goal, which is the delivery of ownership of one’s assets to their beneficiaries upon death. There are negatives and advantages to both but for most people, Living Trusts are seen to be the better option, especially with people of higher wealth.
Last Will and Testament
- Probate court oversees your Last Will after your death.
- Allows you to appoint a guardian for a minor.
- Public knowledge after it is recorded.
- Does Not avoid conservatorship, which is when a court appoints a representative to handle your finances. However, a conservatorship can be avoided with a Durable Power of Attorney, which will allow you to appoint a person of preference to handle your finances in the event you become incapacitated.
- Probate court does not oversee a Living Trust. No jurisdiction.
- Does Not allow you to appoint a guardian for a minor.
- Private and therefore does not become public knowledge.
- Avoids conservatorship. The successor trustee that you appoint will be responsible for transferring your property.
Will vs Living Will
A Living Will is directed towards your health care preferences if and when you become mentally incapacitated. It allows you to appoint a Health Care Proxy who will then carry out your health care preferences. A Last Will and Testament is legally enforced after your death which deals with the transfer of your assets and personal property.
The real peace of mind that comes with writing wills is the knowledge of exactly how property will be distributed. You can leave gifts to anyone you please including spouses, children and other loved ones who you want to make sure are taken care of in the event of your death. It is important to have as much sound advice as you can get when writing a will and planning other aspects of your estate.
We have helped many successful individuals to create smart estate plan. If this something you want for yourself then please call (877) 972-3262 or complete contact us form now.