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WILLS

WHAT IS A WILL?

A will is a legal document with instructions for disbursing of a person's assets after death. Generally, a will can be enforced through a probate court. However, probate can typically be avoided in instances where there is a small estate (estate is worth less than $50,000), joint ownership of property with survivorship rights, beneficiary designations and transfer on death instruments, and trusts. 

WILLS VS. TRUSTS

WILL

  • Disposition at death

  • Does not plan for incapacity

  • If no executor named, personal representative must be approved by court

  • Will must be "proved" in probate court

  • Becomes public record

REVOCABLE LIVING TRUST

  • Disposition during life and at death

  • Sets forth instructions for incapacity for trustmaker

  • Successor Trustee takes over at death (or incapacity) without court involvement

  • does not need to be "proved" in court

  • Remains Private

PROS & CONS OF WILLS

PROS

  • Determines who gets what after death

  • Determines how beneficiaries receive their inheritance

  • You can nominate an executor or personal representative

  • You can nominate guardians for minor children

  • Can generally be prepared rather quickly

  • Ensures that there will be court oversight

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CONS

  • Effective upon death (no coverage for incapacity)

  • Generally unable to avoid probate

  • Becomes public during probate

WILL REQUIREMENTS

  • Must be 18 and of sound mind (I.e. understand the extent of one's property and their disposition)​

  • Must be in writing

  • Must be signed by will-maker (we recommend that you notarize the will as well)

  • Must be signed by two (2) witnesses

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