Will & Trusts
There are many rumors and bad information about what happens to a person’s estate when they pass away. Like most rumors or information you hear from “other” people, it is normally incorrect. For example, if you pass away without a will, your estate does not go to “government”. It doesn’t go to the state and it doesn’t go to the federal government just because you don’t have a will.
Let me cover some basics for you:
Will: a will is a written legal document that details instructions for the disposition of a person’s property.
Trust: a Trust is a legal entity, which is used to hold legal title to a person’s property for the benefit of other. Trust are often used in conjunction with a will, so that the property is distributed properly after your passing.
Living Will: as called a Directive to Physicians or Medical Directive, is a document that will direct you medical care in the event you become incapacitated or unable to communicate your wishes with others, including health care providers.
Power of Attorney: this document designates specific people to handle certain tasks on your behalf if you are unable to do so. This can apply to healthcare or to property.
However, there are many important reasons to have a will, here are a few.
- You get to decide how your estate will be distributed
- You decide who gets to take care of your minor children
- A valid will helps to avoid a lengthy probate process
- You decide who will wind up the affairs of your estate
- You can make gifts and donations to charities of your choice
*There are other reasons, but these are the main ones
To be clear, even with a will, your estate will go through the probate process. But, with a valid and clear will, the court will know what your wishes. Without a will, the court will just divide it up as it sees fit.
Miscellaneous Facts I have learned in my practice:
- Husbands are normally the last ones who want to talk about a will. Us men don’t like to contemplate death.
- Counter to that, wives are the ones who are usually most picky about what will happen with their remains.
- If you leave my office with the will unsigned because you want to get it notarized, if you don’t do it in the next 10 days, it will not get done.
- The best times for Wills and Trusts is ALWAYS. It really does proved great peace of mind.
The Abrams Law Firm provides the whole package involving wills and trusts and I’m happy to serve you in the capacity.