A will is the most basic of your estate planning documents and it does not have any effect on lifetime control. . Any property set forth in your will go through the probate, a lengthy and expensive court process. We can help you create a will, a revocable living trust or both as part of your comprehensive estate plan.
A will is a legal document that describes what a person wants to have done with their property after their death. There are 4 basic types of wills:
1. Simple Will:
A Simple Will leaves the person’s entire estate to their spouse or to their children, equally, without a trust.
2. Testamentary Trust Will:
A testamentary trust is a type of express trust that is written in a will or in a document incorporated by reference into a will, which arises upon the death of the Settlor. It specifies what assets or funds are to be distributed after the death of the Settlor. Testamentary trusts are preferred over other types of trust because they can protect the assets from the immaturity of minor children or other family members.
3. Joint Will:
A Joint Will is a single testamentary instrument recording the wishes of two persons. For example, a husband and wife disposing common property. In relation to each signatory’s property, the will become effective on his/or her death.
4. Living Will:
This document describes how one should be cared for in an emergency or if they are otherwise incapacitated. A living will sets forth your wishes on topics such as resuscitation, desired quality of life and end of life treatments, including treatments one does not want to receive. This document is primarily between the individual and their doctor, to advise them how to approach treatment.