A Will allows you to direct how your property will be distributed upon your death. Without a Will state inheritance laws will determine who will receive your property. The state’s laws may not be consistent with your wishes.
In addition, a Will allows parents with minor children to name a guardian for the children and to create a trust and name a trustee to handle the estate on behalf of the minor children.
A trust created through one's will is called a testamentary trust. A testamentary Special Needs Trust established by a Will can provide for a disabled child or loved one. Government benefits will not be disrupted by a bequest to a Special Needs Trust. Particularly when one spouse is receiving, or in the future may need, Medicaid Long-Term Care benefits, a testamentary Special Needs Trust is essential, allowing the couple to preserve assets and continue receipt of Medicaid Long-Term Care benefits.
A Will also can ensure that your estate avoids paying unnecessary taxes. Provisions in your Will can provide that each individual’s tax credit amount is used to avoid payment of unnecessary estate tax.
A Will is a fundamental estate planning tool that will ensure that your wishes are carried out.
Persons with Revocable Living Trusts should also have a “Pour Over Will” in case not all assets were properly transferred to the trust.
If you would like to discuss questions about Wills, please contact us at email@example.com or 509.468.0551.