Wills & Trusts
A Will is a document that controls the disposition of a person’s property at death. Some of the reasons to have a will include:
1. Allows you, as the person making the Will (the testator), to decide who will receive your property;
2. Allows you to select the executor of your Will;
3. You may appoint a person, a bank or a trust company;
4. Reduces the costs of administering the estate;
5. The executor can be granted powers without court order;
6. The Will can waive the surety on the executor’s bond;
7. Allows you to name a guardian if you have minor children;
8. Allows you to decide how your beneficiaries will receive their share of the estate;
9. Property may be distributed directly to beneficiaries or by trust; and
10. Can provide benefits to beneficiaries during their lifetime with benefits paid to different beneficiaries once the original beneficiaries die.
A Trust is a where a fiduciary (the trustee) is appointed to act in the best interests of another party (the beneficiary) within the confines of a certain directive (the trust). Sometimes trusts are needed in an estate plan to properly administer the assets, avoid probate, and minimize tax.
1. Allows you, as the person making the Will (the testator), to decide who will receive your property;
2. Allows you to select the executor of your Will;
3. You may appoint a person, a bank or a trust company;
4. Reduces the costs of administering the estate;
5. The executor can be granted powers without court order;
6. The Will can waive the surety on the executor’s bond;
7. Allows you to name a guardian if you have minor children;
8. Allows you to decide how your beneficiaries will receive their share of the estate;
9. Property may be distributed directly to beneficiaries or by trust; and
10. Can provide benefits to beneficiaries during their lifetime with benefits paid to different beneficiaries once the original beneficiaries die.
A Trust is a where a fiduciary (the trustee) is appointed to act in the best interests of another party (the beneficiary) within the confines of a certain directive (the trust). Sometimes trusts are needed in an estate plan to properly administer the assets, avoid probate, and minimize tax.
