Your Last Will and Testament
A last will and testament is a will that assigns your assets to certain parties directly or through a trust. Though there are many intricacies to these wills, these are the things you should know:
- A will has no legal authority until after a person's death
- A will does not help with probate avoidance
- A will is a good place to designate guardians for your minor children
This is a very basic understanding of how your last will may work. To really get a comprehensive understanding of what you will need to know, come talk with me and I will help you create a strong will and testament.
Types of Trusts
Just like wills, there are many types of trusts you can create to protect your assets and — in some cases — avoid federal tax and probate. A trust can fall in any of these categories:
- Revocable Trusts
- Irrevocable Trusts
- Asset Protection Trusts
- Charitable Trusts
- Special Needs Trusts
In any of these categories, the person you name as the “trustee” will be responsible for managing your assets. This includes closing any accounts or debts you may have and disbursing the remainder according to your stipulations.
As stated above, there are many intricacies of creating and securing a strong will or trust. I can help you go through the details of your estate, inventory your assets, and make a plan to help you with the creation of your will and trust. With my experience, you can rest assured your best interests are well taken care of. Give me a call today and see how I can help you.