Wills serve as a very powerful estate planning tool, but most people see them for one basic purpose — to make sure their hard earned assets go to the beneficiaries they choose. Wills are simple to create and can help execute very valuable things. The following is a list of what a will can do:
Estate Planning With Wills
Establish Trusts:
In a will, one can also establish trusts for young children. In wills, trusts are commonly used to choose an executor to hold and manage assets on someone else’s behalf, until they turn 18 years old or a certain age you decide. One can also decide to hand over property to a beneficiary, and then pass it on to someone else. Trusts are also commonly used in second marriage situations. For instance, one can allow a spouse to live in a property, but ultimately be passed onto the decedent’s children.
Planning funeral arrangements:
Even though this can also be decided in other documents. One can decide if he or she wants to be buried or cremated, where the event will take place, and what readings will be recited.
Tax planning:
A will can also be used to avoid federal, state estate and inherent taxes by setting up various trusts.
Naming trustees and executors:
One can also choose who the trustee(s) will be to carry out the instructions of the will. An executor is also to be named, which is the person you name in the will that manages the property you wish to pass on.
Avoiding probate:
A will passes through probate. Probate is a court system that appoints someone to manage your property for you. This process is frustrating, expensive, and exasperating, especially in a time of grief.
Wills can serve as an effective estate and property planning tool, only if they are appropriately drafted to suit the needs of each person. A skilled estate planning attorney at the Law Offices of Savin & Bursk will review all your options with you and establish a proper will that will ensure all your wishes are honored.