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:

  • 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 does not eliminate probate, but combining it with other estate planning tools might eliminate probate

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.

Power of Attorney Forms

Power of Attorney forms serve to avoid Conservatorships, complete transfers to a Trust, access retirement, IRA, and other accounts by a trusted spouse, child, or other person. This could be urgently important if you or your spouse is hospitalized.

Financial Power of attorneys allow access to assets.

Advance Health Care Directives allow your chosen person to make health care decisions for you if you are unable to communicate you wishes due to illness, stroke, hospitalization, or other reasons.  The form also specifies your wishes as to continued treatment in certain situations.  This form is highly personal and important for all persons.