FAQ's

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Your Last Will and Testament (also referred to simply as a  ‘Will’) allows you to do several things. First, you can specify how you  want your estate to be distributed upon your death. You can divide your  estate among a number of people equally, give everything to one  person or a charity, or whatever else you choose to do with your  property.

Your Will also appoints someone as the Executor of your estate. This  is the person who will be in charge of gathering all of your assets and  debts together, notifying creditors of your death, and distributing  your assets according to your instructions in the Will.

If you do not currently have a Will or Living Trust, having a Will  prepared is better than having nothing. Failure to have even a Simple  Will can result in massive confusion.

Your heirs will not have any direction and can become embroiled in  arguments and disputes that can make a difficult time even worse.

By having a Will, you provide your family and heirs with some  guidance regarding your wishes and how to proceed with settling your  affairs. The disadvantage of having a Will only can be seen when  comparing a Will to a Living Trust.

If you pass away without a Will or Living Trust, your estate goes  through the probate process before your heirs receive your estate.  Having a Will does not prevent your estate from going through the  probate process. Establishing a Living trust and transferring your  assets into the Trust during your lifetime will allow those assets to be  transferred to your heirs without probate.

If you own assets in your name alone, they may pass from you to the  people you love, as long as you leave a Will. Without a Will, your  assets pass according to the State’s rules, also known as intestacy. The  State may not pass your assets to the people you care about.  You  should be sure.

Also, you should know that…

• Assets will pass through your Will to your loved ones if the Will is written;
• You can reduce your estate tax liability by using a Trust;
• You can protect the ones you love by creating a Trust in your Will which can protect that person from creditors;
• It is important that you give your family the tools to help you if  you cannot help yourself, your children from divorce, or you may protect  your children who are not good with money, or those who have other  problems, such as addiction or mental conditions;
• You can protect disabled beneficiaries by creating a Supplemental  Needs Trust for them, which preserves assets for the family, while  keeping their eligibility for public benefits; and
• Your Will must go through probate using the courts to divide your property.