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Wills

  Asset Disposition

Your Will determines the disposition of your assets upon your death. Planning for your Will requires that you consider the various assets that you own and how you want those assets distributed. This could be a very simple direction that all assets go to your spouse or children, or there could be a laundry list of direct bequests of specific assets to any number of beneficiaries.

Consider any special circumstances. Do you have children from a previous marriage? Do you have step-children? Do you wish to make any charitable bequests? Do you wish to make a Personal Property Memorandum, directing the disposition of specific assets?

If any of your property is to be left to a minor or to an incompetant, a Trust may be appropriate for the management and eventual distribution of that property.

Remember that some assets such as bank accounts, investment accounts and insurance policies may have their own beneficiary designations. These assets will not pass thorugh your Will. Be sure that these beneficiary designations are up to date and in accordance with your wishes.

Federal and State Estate and Inheritance taxes may apply. Proper planning can help to minimize the tax burden and allow more of your assets to pass to your loved ones.

Fiduciaries

A number of individuals will be named in your Will to handle your affairs after your death.

The Executor will have responsibility for gathering your assets, paying off debts, liquidating assets as needed, and distributing assets to your beneficiaries.

If you have minor children you will need to name a Guardian for your children.

You will need to name a Trustee if any assets may be held in trust. The Trusteee will manage the assets until final distribution to the named beneficiaries.

You should also name a second (contingent) choice for each fiduciary.

Trusts

Do you need a Trust?

During a consultation, we will describe the Trusts that may be appropriate for your situation and explain the costs and benefits and/or disadvantages of each.